POC Update March 25, 2021
Program Update
The Request for Information (RFI) responses were reviewed for 5 vendors. Four vendors were invited back for short sessions with the Executive Sponsors and Executive Steering Committee.
The feedback received from these groups will help us develop a better, more focused RFR and create a more informed community of users to champion the future solution.
Program Spotlight: Universal Benefit
As part of our regular communications, the BEST Program is spotlighting universal benefit opportunities and defining common terms related to the ongoing project to replace HR/CMS and MMARS.
In-System Reports & Real-Time Analytics
In the recent past, many companies and organizations have become more and more data-driven. The ability to exploit the massive amounts of internally generated and externally available data to make faster, more informed decisions is critical to organizations both in the private and public sector. Organizations are not just focused on data, more importantly they are focused on real-time access to data. With the speed at which the world moves, what good is data that is 24-hours or worse 48-hours old?
The emergence of the cloud and technological developments in software, hardware and architecture have made real-time access to data and analytics more and more immediate. Whether it be reports or analytics, modern software allows users immediate access to the critical information that they need to complete their work.
The terms “Reporting” and “Analytics” are frequently linked together or used interchangeably; however, they are two distinct functions. Reports are a written description of a situation, event, etc. Therefore “Reporting” is the process of compiling and organizing data into visual or written summaries. “Analytics” is the process of analyzing compiled data. More specifically, “Analytics” focuses on exploring and interpreting data or reports in order to gain insight into why certain trends happened.
Understanding the difference between these two functions and what each process accomplishes, ensures that organizations are using the full potential of both. It helps to make sure that they’re asking the right questions and developing reports and analytics to get the right answers.