London, UK â 17 August 2005 â Fractal Edge today expressed its support for the findings of the Economist Intelligence Unit Report, âManaging Knowledge for Competitive Advantageâ, published June 2005. The report survey revealed the increasing importance of effective knowledge management and, more importantly, the continuing challenges faced by the122 senior executives interviewed from organisations with over $1bn in annual sales revenues.
"The survey reveals that successful companies have conquered the task of gathering accurate information and have built consolidated repositories of knowledge, but continue to struggle with providing consistent performance indicators to drive decisions" said Richard Laughton, CEO of Fractal Edge. Other key report findings include:
There is an abundance of information but knowledge extraction remains the challenge.
41% of respondents reported that efficient knowledge flow within their firm was obstructed by "inadequate understanding of the information and knowledge that already exist in the organisation". Two-thirds of surveyed firms reported that, while their IT systems generate masses of data, they struggled to manipulate this into information they could act on.
Knowledge management is the top strategic IT priority.
In answer to the question "how important are the following technologies to achieving your company's strategic goals over the next three years?" the top answer, with 67% scoring it as important, was "business intelligence / knowledge management solutions", IT tools that allow employees to prioritise information, and extract valuable insights from data
Call for data representation and query tools
When asked what IT must improve upon over the next three years to help executives make better management decisions, 40% of respondents answered "make it easier to analyse and drill down into information" with tools such as digital dashboards that track performance indicators in near real-time.
Fractal Edge product solutions are uniquely suited to providing an interactive, visual map of these performance indicators to allow decisive action at the professional worker, manager and executive levels. Using existing data sources and standard technologies, complex data can be represented in a way that is easy to navigate for drill-downs into core applications and further analysis. Fractal Edge solutions maximize the userâs decision-making ability with use of analytic coloring and visual patterns to highlight trends, outliers and anomalies in performance data.