Industry experts highlight the need to embrace analytics as a powerful tool for modern enterprise performance management
Industry experts highlight the need to embrace analytics as a powerful tool for modern enterprise performance management. Leading data management consultancy Altius has a goal to transform the potential reporting capabilities and performance management of businesses. The data management experts want companies to move away from making vital decisions based on traditional processes and replace this methodology with an automated, machine-driven system that integrated innovative analytics that defines business goals.
All businesses need to monitor their performance and have information accessible to inform and enable employees to make the right decisions. Enterprise Performance Management (EPM) systems have been working on delivering these results, adding value to a company by supplying information and insights to predict future performance.
EPM systems, however, do have limitation and at present, still, require a significant amount of time required on data entry and gathering data before any results and analysis can be performed.
Integrating EPM and Analytics
More businesses are starting to integrate innovative systems to analyse data, capable of storing large volumes of data that is readily available for real-time analysis, providing multiple layers of detail and insights that beforehand were not available to a business.
Altius has the vision to integrate advanced analytics into an EPM system, providing more insights and a competitive advantage over other companies, producing an integrated analytical and management process from sourcing data through to advanced analytics.
Delivering accurate details on revenue
Providing clear and current details of revenue profiles can enable a management team to truly understand what impact their decisions and other factors are having on profitability. Analytical models can provide vital details on business products, linking revenue and cost analytics within an EPM system provides a clearer view into overall business profits.
The process of monitoring revenues can be monitored regularly enabling management to keep a constant check if there are any changes to revenue streams. In a situation where the system predicts a decline in revenue, further capital and funds can be supplemented towards sales and marketing efforts. This process can be completely managed by automated algorithms, avoiding any requirements from analysts collecting and building data reports.
Generating informed and strategic business decisions
Creating a singular integrated system, data and processes mean the correct information can be delivered at the appropriate time, enabling businesses to make informed decisions based on useful data. As Altius highlights, it is vital to define the difference between interesting data and useful data. For example, a data science algorithm providing forecasts on potential revenue is interesting. A report displaying the same revenue forecast and how this impacts the rest of the business and its revenue streams are useful data. A system that displays the same output and enables further modelling to be added to determine the best decision is the intended goal of data companies like Altius.
In the previous year, integrating these types of systems and processes required extensive development efforts. Today, however, modern technical systems, the associated implementation costs and total ownership costs are considerably lower than it was just a few years ago.
Altius points towards the main challenge not concerning technical implementation but more of a cultural change. Company executives need to completely trust analytics, the system and data created to really enhance the rate of strategic decisions.