The market is becoming more dynamic and every moment new forms of management, innovative processes and more technologies emerge. If an organization cannot follow or anticipate these changes, chances are that the competition will fiercely claim its share of the market. The high performance in technology can help overcome any time of financial crisis.
In order to help companies maintain a much more efficient control over a large volume of relevant information, there is a high level solution: the Business Activity Monitoring (BAM). Understand what it is and how this tool is used.
What is the Business Activity Monitoring?
BAM is nothing more than the use of indicators and of technology in general to monitor your own business and the changes in the market in which the company operates and to identify opportunities and risks in general. This monitoring usually happens in real-time — or the closest thing (near real time).
It can be said that the use of BAM is crucial to support and ensure efficient decision-making, allowing the Manager or the management team to raise the profits or to reduce the losses, from the decision-making based on real indicators.
How does BAM work?
For BAM to work and provide really relevant and decisive data, it is important to begin with the data collection, and it has to endure for a long enough period to indicate standards between what was collected. Ideally, the collection should be conducted constantly and it should upgrade a database instantly. Thus, decision-makers have to identify problems or opportunities for improvement of their own business.
Then, data go through an analysis and are categorized to identify which are the best indicators for each situation. Finally, the results are analyzed and the results are disseminated in a simple and objective way, so that the understanding is immediate. Preferably, the access to these results must be facilitated so that there could be an integration between areas.
Where BAM can be used?
In general, virtually every business, of any size or area of expertise, can use BAM as a monitoring tool. These indicators are commonly used in process stages to ensure greater control over different stages. The prerequisite for their use is having data to analyze and ways to label them so that managers can filter and classify them.
BAM can be used, for example, in e-commerce payment to prevent fraud by means of early identification. It can also be used to control the size of a stock, prices from suppliers and inputs or even to predict future market reactions, how to monitor the responsiveness of a product release. Moreover, it can be used to track the progress of the most critical business processes to the company, such as the authorization of requests, the efficiency of the logistics process or even financial indicators.
What are the benefits of BAM?
In addition to enabling decision-making, which is its main goal, BAM brings other advantages such as:
Reduction and optimization of expenses
Since it is possible to have relevant information in real time and as decision-making becomes more accurate and efficient, you can reduce expenses and also optimize costs, ensuring that investments are rented more efficiently.
Monitoring of market dynamism
With the receipt and evaluation of information in real-time, the natural result is a more effective monitoring of the market dynamism, ensuring that any changes are absorbed faster.
Faster identification of opportunities and risks
When you keep up with the dynamism of the market it is much easier to identify business opportunities and risks. With this, you can also prepare to absorb impacts or take advantage of opportunities, ensuring more stability.
Greater preparation and competitiveness
Having so much information, the company becomes more prepared to be in the market and also more competitive, achieving better results. It also ensures more stability for the company, which manages to enter into the market.
Business Activity Monitoring (BAM) uses high technology as an ally in the collection, evaluation and analysis of information in real time, ensuring that the company has a dynamic view of the market. With this, managers gain a lot in decision-making, which becomes more informed and precise.
In order to use BAM it is necessary to have some kind of tool for data collection, monitoring of results and viewing in real time. OpServices has developed Fivemetrics to collect indicators in real-time, be they technological device information or data about business processes. Data is collected as long as they are somehow computerized such as network connections or through collection customizations. The biggest advantage of the solution is the possibility of visualization of data in customizable visual panels. Click here to learn more.