Driver for Business Transformation in - Wipro
Driver for Business Transformation in - Wipro
Driver for Business Transformation in - Wipro
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BUSINESS INTELLIGENCE‐ DRIVER FOR BUSINESS TRANSFORMATION IN<br />
INSURANCE INDUSTRY<br />
Figure 3 shows how the 2I approach works.<br />
Figure 3: 2I Approach<br />
Valid KPI as the framework <strong>for</strong> BI strategy<br />
Key Per<strong>for</strong>mance Indicators (KPIs) are def<strong>in</strong>ed as the measures which <strong>in</strong>dicate the health of the bus<strong>in</strong>ess.<br />
For an <strong>in</strong>surance company, the follow<strong>in</strong>g could be considered as KPIs:<br />
Customer retention<br />
Process improvement<br />
Garner<strong>in</strong>g new bus<strong>in</strong>ess<br />
Time to market new products<br />
Risk management<br />
KPIs and their def<strong>in</strong>ition need to be specific to every company and its correspond<strong>in</strong>g bus<strong>in</strong>ess needs. It is<br />
imperative that the right per<strong>for</strong>mance <strong>in</strong>dicators be def<strong>in</strong>ed and measured.<br />
KPIs play a major role <strong>in</strong> highlight<strong>in</strong>g the <strong>in</strong>ter connectivity between bus<strong>in</strong>ess activities, per<strong>for</strong>mance and<br />
f<strong>in</strong>ancial growth. An organization would require anywhere between 2 to 6 KPIs.<br />
7 | www.wipro.com/<strong>in</strong>dustryresearch<br />
WIPRO TECHNOLOGIES
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