Energy companies and governments around the world are investing in technologies to enable smarter use of electrical grids. Monitoring devices are being introduced in all stages of the energy life cycle—from turbines in the plants, throughout network infrastructure and to individual households and appliances.
While significant investment is required to build an intelligent grid, the capturing of information in itself will not deliver value — it’s how we use this new information to generate efficiencies and identify areas for innovation that will determine the success of the smart grid.
The ability to analyse data and derive insight within the confines of your own desktop is one thing. It’s an entirely different experience when you include the ability to manage budgets, forecasts and planning models within the same interactive workspace.
Married to a Chartered Accountant, I’m all too familiar with the intricate copying, pasting, calculations and hidden functions required to create an interactive forecast using Microsoft Excel. Which begs the question: should I tell him how much easier his life could be using software for which interactivity is an inherent part of its DNA?
If IBM Cognos BI is the Queen, and IBM Cognos TM1 is the King, then IBM Cognos Insight is the Prince of Performance Management. Which is why, this week’s Cognos Insight challenge was to analyse the past three years worth of income and expenses for the Prince of Wales, and create a forward-looking forecast to help him manage his Jubilee year budget.
When a company’s viability is determined largely by its investment in physical assets, information about the asset is an asset in itself.
Today, information is captured throughout the life of an asset and its individual components – it’s how we use this information to make more informed decisions that can improve service levels and generate greater profits.
There are four key activities required to sweat an asset.
Imagine sitting behind the wheel of a car, blind-folded, and being asked to “just drive“. Which way do you turn? Do you drive forwards or put the vehicle in reverse? Whether you’re driving a racing car or tractor, the risk of driving straight into the path of oncoming traffic or down a ditch is equally daunting.
And yet that is how many companies still expect their decision makers to operate. Whether steering a vehicle or an organisation, the importance of having clear insight into everything around you is imperative to making the right decision.
Two of the most powerful words in the English language that confirm uncertainty and open the opportunity for understanding. In the world of business, how an organisation addresses these two simple words can determine those that succeed and those that struggle to compete.
WHAT IF you had an intimate understanding of the performance of your organisation?
WHAT IF you could evaluate the impact of your decisions on business outcomes?