4 things revenue leaders do differently when it comes to managing information

daniel_dorr.JPGBy Daniel Dorr

 

(Daniel Dorr leads HP's CIO Agenda workshop program. He is responsible for conducting workshops to help CIO clients prioritize key business initiatives, the technology to address those problems and the financial impact of doing so. To participate in HP’s CIO Agenda workshop, contact your account general manager.)

 

What is the best way to find out how important information is to overall business success? How about by surveying 650 companies around the planet for 50 different IT attributes, and then comparing the results to revenue releases?  HP wanted to see if there was really an IT difference between revenue leaders and followers, and to use that knowledge to better serve our clients.  And after a ton of analysis, the results came out pretty surprising.

 

Of the 50 attributes we tested, those that rose to the surface were capacity, legacy and custom applications and security.  And we’ll get into the details of these in another blog post. But the attributes that really got our attention related to how companies manage their information.

 

One of the biggest correlations to revenue leadership involved information 

Four of the seven attributes that were significantly different between revenue leaders and laggards were how companies managed and used their information. Leaders automated their information management strategy while laggards merely documented theirs. Leaders also reported a much higher degree of automation in their audit and compliance processes (52 percent vs. 39 percent). Leaders were even moving to automate business intelligence in decision making at more than double the rate of laggards (18 percent vs. 7 percent). 

 

One of the most interesting differences about how leaders and laggards use information is how they measure success. Leaders reported that they have a high degree of clarity and agreement on key performance indicators (KPIs) with the business. Market followers, however, generally reported only moderate level of agreement and alignment. 

 

Conjoining automation and information for setting goals, making decisions, and monitoring operations: that’s how industry leaders stay ahead. With automated systems in place, the staff at leading firms is free to focus on business issues rather than relying on guesswork and seat-of-the-pants decisions, manually sifting through business information, or scrambling on audit fire drills.

 

What can you do?

We’ve seen how leaders in all industries are using information technology to stay at the top. But there are ways to join them:

 

  1. Work with your business peers to ensure clear alignment of KPIs, and communicate them broadly across the organization. Cost outlay is low, and you don’t even need to engage a vendor for this simple but important step.
  2. Look for ways to automate your information management strategy, and even your specific business decisions. Examine your compliance history for other ways to automate standard processes.

 

For more insights on the future of IT and how you can optimize IT performance to drive business results, subscribe to the Discover Performance ezine.

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