Business activity monitoring software is a tool that can keep track of various data sources, spot changes in data relative to the unique business rules of an organization, and initiate the real-time dissemination of information via various communication channels.
A crucial area for organizations starting a digital transformation program is the monitoring and reporting of business processes and the ensuing performance indicators.
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Is BAM just more technical speak for software?
The term “business activity monitoring software” in the industry was first coined by Gartner Inc. in March 2002. While other BAM ISVs were acquired by industry-specific applications, such as ERP, CRM, and WMS, for their intelligent monitoring and alerting capabilities, many of the early entrants to the BAM arena are now global leaders within the business process automation (BPA) and business process management (BPM) sectors. BAM software requirements are still on the CTO’s agenda, but more often than not, they have been incorporated into other, more specialized architectural programs, such as risk management.
What essential elements make up a tool for tracking business activity?
Business activity monitoring software, or BAM, is essentially regulated by the rule of three: information, regulations, and information design.
A tool for tracking business activities has three essential parts:
- being able to keep track of various data sources and file types, such as databases, flat files, online services, and EDI
- An organization’s ability to apply criteria to the data it is tracking, such as the irregular shifting of bank account sort codes in a finance system, is made possible by a flexible rules engine.
- a business rule-driven architecture that can recognize data changes and provide the information in a usable way.
Dashboards for business activity monitoring: samples of BAM dashboards
A key element of business process monitoring technologies, BAM dashboards provide a summary of real-time and recent business data. Dashboards used frequently to track corporate activity include:
Inventory Status Dashboards
Stock level dashboards are quite popular among businesses that conduct both online and offline retail business.
Finance and Accounting Dashboards
Dashboards for accounting and finance are a valuable tool for accounting and finance teams to get an overview of financial activities and statuses.
Analytics for sales and marketing
Organizations must have access to KPIs, monthly sales data, and pipelines in real-time. This requires having effective sales and marketing dashboards.
Dashboards for procurement
The use of procurement dashboards to showcase firm spending, procurement timelines, and supplier data.
Notifications and reports that follow rules
For businesses looking for a way to report on business process activity, BAM dashboards are typically the first point of call. Other “as it happens reporting” or “business activity monitoring software” methods, however, will be available with more advanced BAM solutions.
What advantages does BAM software offer?
The advantages of BAM software vary depending on the organization and its business goals, however, some advantages are more general than others.
- Detection and alerting of business hazards and achievements in real-time across all systems and departments.
- a stronger ability to make decisions thanks to the information that is delivered from various internal and external business applications.
- enforcement of corporate policies and practices without adding to the administrative burden on departments and staff.
- Error correction due to the absence of real-time information.
BAM initiatives do not develop in accordance with business procedures. Since BAM software is a type of middleware, it is frequently overlooked as a connection point to the reporting components.