Thursday, December 8, 2011
Non-Profit Business Intelligence – Don’t Miss Out
Posted by Dean Quiambao
- Dashboards that speed up and simplify analytics
- Help to users better understand their business and general market behavior
- Instant “slice-n-dice” and drill down capabilities of organization data
- Certain industry benchmarking and other useful comparative market metrics
- A multi-dimensional dashboard view of key performance indicators (KPIs) and metrics vs. customary one-dimensional views of similar data
- Mobility so that management/boards can access and analyze data remotely or while on the road
- Easy implementation
The for-profit world has been using BI to gain an advantage in the workplace for years now and with many, if not most, of the individuals that sit on Boards of not-for-profit organizations coming from the for-profit world, they too, are pushing for the advantages that BI offers them as individuals charged with governance of these organizations. Not-for-profit CFOs, Directors of Finance, Business Managers and the like are also beginning to understand the importance of competitive advantage tools like BI and are rapidly seeking out solutions to help them take their organizations to the next level.
It is obvious that the demand for BD dashboards exists within the not-for-profit community and for good reason. However most are left asking the question as to how their organization can implement an effective BI tool that does not just offer the “technological” benefits of dashboards but combines those benefits with industry KPIs, benchmarking and other industry best practice/standard of expectation metrics. The answer is that organizations must find a BI product provider that is not just rooted in the IT side of the product but has internal expertise specific to the industry in which the organization operates.
As your organization searches for a firm to support in the implementation of this tool, it is important to find one that is deeply entrenched in your industry so it can help customize the dashboard with industry KPIs and industry standard benchmark metrics that allow the organization to not only compare its own data to internal budgets, its own historical trends, etc. but the industry in which it operates as a whole as well as best of industry performance metrics.
Dean is a Business Development partner with Armanino. After spending 12 years as an auditor in Armanino’s audit department, Dean transitioned to “Chief Relationship Builder” for the firm. Dean helps numerous private companies, as well as private schools and social service, performing/fine arts and faith-based organizations address their tax, audit and outsourced accounting needs. Boards and finance and audit committees appreciate his laser focus on bringing to life the audit items that matter most, including his proven method of benchmarking data and key financial operating ratios.