deloitte financial advisory services llp creating requirements specification for asset management...

Deloitte Financial Advisory Services LLP

Creating Requirements

Specification For Asset Management

Dashboards

• Dashboards, if properly designed, can help you manage your operations more effectively and efficiently

• A properly designed dashboard caters to the needs of the user and is built around well-defined requirements specification

• The user must play an integral role in developing the requirements specification

Introduction

Copyright © 2011 Deloitte Development LLC. All rights reserved.

Dashboard FundamentalsKey Definitions & ConceptsCharacteristicsBenefits


Dashboard: A user interface that organizes, integrates, and presents mission critical information, pulled from multiple sources, to users in a way that is easily read and understood.

Performance Management: Process of measuring progress toward achieving key goals and objectives in a manner designed to optimize organizational performance.

Business Intelligence (BI): The tools, techniques, and processes involved in turning data into information, and information into knowledge in a manner designed to optimize decision making. BI encompasses technologies for data warehousing, data mining, data integration, reporting and analysis.

•Dashboards integrate and synthesize Performance Management and Business Intelligence.

•The combination of Performance Management and Business Intelligence can provide a powerful new way to communicate strategy within an organization and monitor and analyze organizational activity.

Key Definitions & Concepts


Dashboards Characteristics• Three Primary Applications:

o Monitoringo Analysis & Reportingo Management

• Three Layers: Most distinctive feature. Allows user to peel back layers of information to get to the root cause.

o Graphical abstracted data – designed to help monitor key metrics

o Summarized dimensional data – designed to help identify root causes

o Detailed operational data – designed to help identify needed corrective action

• Three Types: o Operational Dashboards – emphasize monitoring o Tactical Dashboards – emphasize analysis o Strategic Dashboards – emphasize management

.


Dashboard Benefits include: • Communicating and managing strategy: Dashboards can serve as agents to help organizational change.

• Monitoring and oversight: Dashboards can provide each group of users with information and analytical capability that is tailored and appropriate to their role.

• Consistent view of the organization: Dashboards can provide an organization with a single, concise and common vision of truth.

•Timely delivery of actionable information: If designed and used properly, Dashboards can deliver the right information to the right user at the right time to help decision- making, enhance efficiency and accelerate bottom-line results

Feedback from Dashboard User: Greg Kuechler, Dir. OUSD(C) Performance Measurement Team

“What’s best about the Dashboard designed for us is that it made us high speed and low drag relative to the painful process we used to follow to generate performance information. What’s more, by making the metrics so easy to get to with just a few clicks of the mouse, the Dashboard has really helped us socialize and internalize our focus on performance.” 1


1Patricia Dees, “Putting the “Dash” in Dashboards,” American Society of Military Comptrollers, January 2009.

Dashboard Benefits

Dashboard Benefits Include: • Integration of data from multiple sources: BI tools allow data from multiple data silos to be represented on a single Dashboard

• Reduced costs and redundancy: BI capabilities can help analysts to gain quick insights from large amounts of data in ways that would be otherwise impossible or cost prohibitive.

•Root Cause Analysis: Dashboard can allow users to drill down into the details when abnormal trends are spotted in the summary reports.

• Advancing organizational maturity: Dashboards give a clear view of key data points that may be used to assess the organizations progress toward specific goals.

Dashboard Benefits (continued)

Case Study – City of Oxnard, California, AssetWorks, 2009

In 2005 the City of Oxnard, CA, established multiple key performance indicators and set up Dashboards to illustrate them. Its goal was to transform data into practical usable information to analyze and guide resolution of problems. The City called it true management through facts. In 2008 it was recognized by Government Fleet magazine as the #3 Public Sector Fleet in the USA. 2


2Case study – City of Oxnard, California, AssetWorks, 2009.

Dashboard DeploymentBeware of “Quickie” DashboardsEmbrace Leading PracticesConduct Thorough Requirements Specification


Beware of “Quickie” Dashboards

Effective Dashboards require careful planning, design and implementation. Dashboard requirements should be determined by thorough assessment of important organizational needs. Rushed and poorly designed dashboards can result in some of the following:

•Limited drill-down capability – does not allow execution of root cause analysis.

•Difficult to use and maintain – requires extensive IT expertise and time to maintain and modify.

•Data silo – cannot provide single view of performance across organization.

•Fancy but functionally ineffective graphics – does not show the data dimensions necessary to make a decision clearly and accurately.


The adoption of industry leading practices, operating tactics and winning strategies helps organizations chart courses to superior dashboard performance. Leading practices include:

•Develop a Clear Strategy – Develop clear strategy on what is expected from the Dashboard solution so it can be designed to live up to its purpose as an efficient and actionable BI tool.

• Develop Effective Metrics – Involve both functional and technical personnel in developing metrics.

• Plan for Real Time – A performance management system populated with more real time data will allow executives and managers to keep their fingers on the pulse of the organization.

• Plan for the Long Haul – Prepare for 20% growth in users, 15% growth in queries, and four to five new data sources each year. Design system to accommodate this growth.

• Develop on a Single Platform – The risk of failing to do so is that when managers build their own Dashboard solution independent of each other, the resulting Dashboard silos eventually compete with each other for resources.

Dashboard Deployment Leading Practices


Requirements specification process provides a structured methodology for defining the full range of organizational and technological requirements. Steps in the process include:

Dashboard Requirements Specification

Define the need

Define the user

Define dashboard type

Assemble stakeholders

Fix system boundaries

Requirements elicitation

Analyze, prioritize, specifyCopyright © 2011 Deloitte Development LLC. All rights reserved.

Conclusion• Well designed and developed Dashboards generally result from careful planning

driven by thorough requirements specification. • Well designed and developed Dashboards can offer insight, explanations, and shared

understanding of critical organizational information, and then allow the users to act upon the information when and where necessary.


Copyright © 2011 Deloitte Development LLC. All rights reserved.Member of Deloitte Touche Tohmatsu Limited

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deloitte financial advisory services llp creating requirements specification for asset management...

Documents

designed dashboard

performance information

dashboard user

operational dashboards

right information

dashboards characteristics

layers of information

operational data