In my 25 plus year career as a certified project management professional with extensive experience in the information technology, automotive supplier, mechanical engineering, architectural and construction services, office furniture, and project management consulting industries I have asked this question of numerous executives and have dealt with the issues behind the question myself in my various roles of responsibility. The explosive growth of computer hardware and software technology has come to the rescue. Businesses can now gather and store vast amounts of information, however in many cases this new capability has also hindered the effective use of this information to manage work and make sound business decisions. One of the factors that hinders effective use of information, critical to the decision making process, is the lack of, or limited, capability to integrate the data between the various business systems and third party applications in use to day. Another issue is gathering accurate information in a timely fashion and then having the ability to easily consolidate and analyze this large pool of information without printing dozens of standard reports or submitting a request to the MIS department to provide you with yet another ad-hoc report in hopes that you will get the information you need in a format that you can understand and use.
Information is truly the lifeblood upon which business thrives or dies.
Having the ability to effectively gather, store, integrated, and retrieve information that is easily analyzed and displayed in concise graphical formats is the stuff that will help executives sleep soundly at night. There are numerous products on the on the market that range from the highest end ERP systems to applications that just address specific needs, such as time tracking and reporting, financial planning, etc. typically sourced from multiple vendors. Many companies struggle with establishing common processes, which are followed in a consistent manner across the organization. Typically the root cause of the problem lies in the fact that the business process has not been fully documented and subsequently maintained as changes occur. Frequent turnover in personnel, constant changes in organization structure, and implementation of new systems, minimal or lack of adequate training, are other reasons that cause problems with the accuracy and flow of critical business information, which create bottle necks because information isn't processed in a timely manner to the right person.