Why CIOs Need to Use Predictive Metrics
The Key Takeaway: Profits
The top reason to use predictive business performance metrics: profitability will increase by an average of 20% by 2017 for companies that invest in the technology.
Where Are All the Metrics?
Despite the proven value in predictive metrics, only 31% of IT leaders say their companies have metrics in place to improve their business operations.
Rely On IT
71% of IT leaders understand what metrics are most critical in determining—and driving—success for their businesses.
Key Performance Indicators Are Important
Despite the overall value in predictive metrics, just 48% of IT leaders have them in place and tied to strategic key performance indicators.
The Process Business Keeps Growing
According to Gartner, the business of business process management suites will rise to $2.8 billion this year.
A Slight Increase in Sales
Although spending on business process management suites will increase this year, it’s not that much of an increase. In fact, total spending on the suites $2.6 billion in 2013, an 8.8% difference compared to expected spending in 2014.
Dashboards Are Important
If business process management suites are to be successful, having a single place to analyze success is required. Still, just 31% of IT leaders say that they have a dashboard in place to actually measure key metrics.
Look Ahead—and Back
Gartner’s report suggests enterprises should look to the future to help predict business success. However, Gartner points out that examining past performance and applying that to current and projected future performance creates a holistic scenario that’s more likely to breed success in the enterprise.