2 March 2018

The importance of having an efficient Objectives and Incentives System in the Organizations

The objective of this article is to discuss the importance of the existence of a System of Objectives and Incentives in the organizations, using new information technologies, namely through the different approaches of Business Intelligence that came to bring a greater capacity to process and analyze the information created daily, across the whole organization and that can translate into greater assertiveness in management decision making.

The Objectives and Incentives System is based essentially on the management and analysis that is performed on the individual performance of each employee, in accordance with the objectives defined internally for the function it performs, the results achieved, the corresponding incentive and the individual evolution potential within the organization.

The change that has been observed in the various levels of management of the organizations, both in the management of the activity and human resources, requires a conscious decision making using the information produced, worked and made available according to the defined strategic goals and reflected in a System of Objectives and Incentives customized to each business area.

Implementing Business Intelligence tools has never been as important as today.

Success will only be achieved if the entire organization "walks in the same direction," achievable if the solutions to be implemented are adapted across the organization from the bottom up to the top.

It is imperative to know the whole business and its main processes, as well as all the functions and people who participate in these same processes, in all its aspects. Only then will it be possible to extract relevant data, helpers in management and decision-making.

All the attention now lies on the data and analysis that can be done to them, by the dynamic use of Business Intelligence and analysis, with the objective of minimizing risks and maximizing profit, improving in this way the performance of the business and its profitability.

However, in this article, I want to focus essentially on the importance of having an efficient System of Objectives and Incentives, crucial for organizations that want to stand out in the market.

It is certainly not a new topic, however, what we have observed in recent years is the importance of having the information processed and made available almost immediately, which is not always the case.

Many organizations have quality and detailed information about the different business areas, however, the delay in making it available may translate into outdated information for the adoption of effective strategies and ineffective decision-making.

Organizations that do not keep up with this pace and are not up to date may be doomed in an ever-changing market where it is important to make a difference.

 

Business Intelligence solutions today play a key role.

Business Intelligence among many other definitions can be understood as a set of techniques used to extract intelligence from data about a particular business.

The main objective is to convert the volume of data produced into business-relevant information through, for example, analytical reports made available quickly and in various formats, such as KPI's, Budget and Forecast, Data Mining, Dashboard, etc.

All of these solutions have a very important role and can be used in different contexts, not only in times of crisis, when the economy is in decline and in this case with the objective of saving and controlling costs better, but also when we have an economy in increase, thus gaining greater competitiveness in the market.

Many companies have been betting more and more on these services, as data has long been a problem, the problem today is rapidly processing and handling volumes of data and make it available in an appropriate way.

BI4ALL is specialized in the design of these solutions, already implemented with high success that can be applied in the different sectors of activity.

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