What is Performance Analytics?
Performance Analytics is a critical component of effective Performance Management; sitting at the intersection of KPIs, metrics, target setting, and monitoring. It aligns performance objectives and target goals, with the appropriate data to provide real-time decision analytics. (John’s Hopkins University, Center for Performance Management)
Performance Analytics is a lot more than a Visualization Dashboard
Peter Drucker was fond of saying “you can’t manage what you don’t measure”, meaning that good decisions need good data. Performance analytics allows decision-makers to use data to optimize any business process or function. Most businesses, however, end up looking at monthly powerpoint reports to make decisions. This type of reporting, while useful, has significant drawbacks in making timely and meaningful decisions.
Unlike most visualization tools Performance Analytics platforms provide more than just data visualization. It combines the 4 components necessary to establish, communicate, and monitor performance around any process or function. These include:
- KPIs – The key performance indicators are the attributes that are considered the most important for the process or function
- Metrics – The most appropriate way to measure performance indicators. These can be direct or derived based on the available data sources
- Targets – The expected achievement. Targets can be of various types, and each KPI can have multiple metrics and targets
- Timelines – Any performance measure must have an associated timeline
ZenNut developed a performance analytics platform as a SaaS application. The application, available to Web and Mobile users, allow organizations to define each of these four components and integrate with appropriate data sources to quickly generate needed analytics. These analytics can be descriptive, comparative, prescriptive, or over time, predictive. The customizable programs and interfaces gives real-time progress towards established targets for each KPI.
The platform is currently being used by over a 1000 customers to develop a wide range of performance analytics capabilities. Cloud infrastructure, APIs and Micro-services used to build the core ZenNut application, it makes performance monitoring and analytics a very flexible, easy to deploy solution.
Can you think of areas where real-time Performance Analytics could help decision-making?
We’ve tested use cases for the platform across the industry spectrum, starting with organized Health and Fitness performance (where we currently have over 1000 customers using the platform for monitoring everything from fitness, hydration, sleep and meditation), and across other HR processes like Employee Performance Reviews.
We’ve also looked at industry specific processes like Clinical Trials Enrollment management.do you have a use case you’re struggling with, where a performance monitoring solution could drive greater agility in decision-making? Look forward to your feedback!