When I started out in my career, I worked in higher education finance for several years. We used to print reams and reams of paper, stacks of reports. I specifically remember one time, a colleague of mine printed out a stack of reports that had to be six inches thick. I thought, “How is that going to be useful? How are you going to find the information that you’re looking for?”
The question is what has changed? Historically, people wanted reports to understand and present what happened or training indicators of their program. This includes key statistics like the number of cases or issues that were submitted or the number of calls that came into the helpline. Then the printouts or email attachments were shared with C-Suite and up to the board of directors.
We’ve moved away from paper reports, but there are new challenges. We now have big data that’s often stored in different systems across the enterprise. While it can be easy to run detailed reports from within those data sources and identify what happened, it has been tough to extract actionable insights across multiple data sources with numerous potential data points. It seems to me we are still struggling to get the most out of our data: true leading indicators that provide true business value.
New leading indicators for ethics and compliance leaders? Reporting tells us what happened (lagging indicators). Insights provide leading indicators that can tell us why things happened and point to areas of concern regarding process and culture. Additionally, finding the root cause of issues enables businesses to be proactive and make strategic business decisions to optimize performance and minimize risk.
With analytics and specifically Insights from Convercent, you can look at multiple data points dynamically to get truly actionable insights. Organizations can now explore and discover root causes in critical issues whether they be behavioral, organizational, or process drivers which negatively impact businesses. Data driven decisions are no longer based on what happened, but are based on how and why it’s going on. Insights creates the opportunity to drive positive change. Something of which we could all use a little bit more of.