Management Cockpits/Data Science
A management cockpit allows management to grasp complex situations quickly by integrating all the pertinent data, promoting the collaboration of many individual views of information necessary to make the required decisions as soon as possible, thus taking proper and timely adjustments or actions. It is an integration of crucial perspectives that leverages data science and the latest data. Here are some detailed readings on the topic:
The Key Steps to Frictionless Management
Even in times of stability, organizations are dealing with lots of friction in managing their organizations. Compound that base friction with organizational change, competitive efforts, outside influences, innovation, and internal initiatives, it is not surprising that it becomes super-heated. It’s not hard to imagine the heat from the friction causing damage to essential efforts. The damage might be more effort than necessary, thereby costing the organization time, money, and grief. The damage could also be that fundamental change will be much harder once you add the human resistance to the party. Commonly, organizations have a hard time linking strategy to execution. Some efforts fail even to complete, while others end up less optimal. In other words, Organizational Performance Management (OPM) is hard and even harder while trying to change reactively or proactively.
Is a Management Cockpit for Real?
Despite the past hype on management cockpits and the valiant attempts by BI, Process Dashboards, and Decision Management Tools, there hasn’t been an authentic management cockpit for organizations to see the current conditions to take decisive action in an appropriate time frame. A real management cockpit doesn’t just apply high-quality graphics to selected data so that all can see. A management cockpit allows management to grasp complex situations quickly by integrating all the pertinent data, promoting the collaboration of many individual views necessary to make the required decisions as soon as possible, thus taking timely and proper actions. The answer is "Yes," but let’s dig into some of the details to understand more.
The Need for Real-Time Fast Boards
It is becoming painfully apparent that traditional dashboards are too slow and static to compete in our changing world. While COVID-19 has driven the point home, there are more changes to come that will be demanding faster and more innovative solutions for competitive decisions. Traditional dashboards fail to deliver on the data-driven culture as data speeds up and sits in the cloud for new AI and advanced analytic assisted decisioning. According to the Harvard Business Review in 2020, 84% of frontline workers report a poor experience with today's analytical solutions, and 67% of executives are not comfortable using data from their existing data resources. It implies that the problem with decisioning is that there is more than keeping up with known or emergent KPIs.
What is a Digital Transformation?
I've recently been asked to describe and define transformation so that organizations, end-users, and vendors can claim transformation. According to the multiple definitions I found on the web, "A transformation is an extreme, radical change" So what do we deem extreme and radical? I would say that while pursuing a digital program, an organization discovers a new or dramatically extends a business model. An example would be an insurance company that became so great at insurance claims that it started a subsidiary to manage other organizations' claims. Another would be if an organization had a significant change in its competencies and skills that it looked and behaved radically different. However, there are incremental ways of sneaking up in these sweeping changes and transformations. So it might take a while to claim a true digital transformation.