Gartner Definition of Real Time Enterprise
Gartner is a leading provider of research and analysis about the global information technology industry. For the last several years, they have been espousing the value of moving to a [gs:Real-Time Enterprise] (“[gs:RTE]”) information technology model. (More information about their position can be found at this link.) Gartner defines Real-Time Enterprise as:
“The Real-Time Enterprise (RTE) is an enterprise that competes by using up-to-date information to progressively remove delays to the management and execution of its critical business processes.” (Source: Gartner Research Note #COM-18-3057 dated 10-01-2002)
Toomre Capital Markets (“TCM”) concurs with Gartner that the true value of the “real-time enterprise risk management” is only realized when an enterprise actually utilizes actionable information to better compete by reducing latencies in the management and execution of its critical business processes. Most organizations did not have any problem detecting the events of September 11, 2001 that changed the world and their business environment. They did not need “real-time ERM” systems to confirm that the world had indeed changed dramatically. Yet most organizations demonstrated that they could not modify their business plans and realign their operations in anything close to real-time. Most took months before they could continue "normal" operations.
In financial service organizations, real-time enterprise risk management (“ERM”) solutions reduce the latency between the event and the possible realignment, communication and execution of strategy and plans. The practice of RT ERM enables financial firms to gain competitive advantage through their early-mover ability to gain insight and take action. The application of “real-time” to enterprise risk management delivers corporate value (or “Economic Value Added”) by reducing the time from event to actionable insight, and by improving the performance and efficiency of the entire financial enterprise.