For many mid-sized companies, the ability to track current performance metrics is strong, but anticipating future challenges can often feel like navigating a ship in dense fog without a navigation system. Many organizations excel at analyzing their present circumstances—whether it’s through sales reports, customer feedback, or operational efficiency metrics—but fall short in forward-looking analysis. This is where an early warning system (EWS) can play an important role. Most importantly, early warning systems aid and abet informed and timely critical decision-making. https://www.linkedin.com/posts/shubhoc_digitaltransformation-analytics-reporting-activity-7295113151090511872-iPF1?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAZKT4B1Uu6krU5St8JPVsg9x3FbZbX8a0
An EWS is made of three parts: (i) a signal which is a business stimulus (ii) a detector which identifies and process the signals for action; and (iii) an operational process for receiving the signals, processing them for detection and responding as necessary.
EWSs help businesses scan business performance to predict and address problems before they escalate and enable mid-sized companies maintain a competitive edge in their industries. Here we explore the importance of implementing early warning systems, the types of indicators that are essential, and share how mid-sized companies can overcome challenges in adopting these systems to enhance their go-forward strategy.