Quest for Continous Monitoring
Businesses strive for systems that allow upper management to focus on company vision and direction without having to be involved with the details of execution. A primary tool for achieving this is the ability to efficiently capture, present, and consume data. Ultimately, the business will need to be able to continously monitoring critical information in order to achieve this system. The following is a maturity model to see where you are in the quest of continous monitoring:
Stage 1. Identify and Capture Data. Understand the data you have and what data needs be captured that are critical to success and growth of your business. Put systems in place to standardize and centralize this data.
Stage 2. Build Reporting Infrastructure. Create reports needed for key processes and decisions based on the data collected. Effective reports should do the following: improve decision making, improve business agility, decrease risk, and increase control.
Stage 3. Analyze Data and Trends. With a mature reporting infrastructure, the focus is understanding trends and key indicators from the reports. A good indicator is a quantitive value or range that has direct correlation with one or more business events.
Stage 4. Continously Monitoring. With an understanding of indicators and the events they trigger, systems are put in place to automatically monitor these indicators and notify applicable parties when thresholds are crossed. Notifications can be directed towards a person or system to respond.