The rapid evolution of technology has seen it become integrated into virtually every facet of organisations today. This is changing how business analytics (BA) is conducted especially when it comes to enterprise performance management (EPM).
Previously, decision-makers had to rely on individual solutions focused on balanced scorecards, driver-based budgeting, and so on, each of these solutions using their own strategy maps. As a result, with these separate products running in the background, pulling data from all sources, companies were slow to effectively analyse the information at hand.
Today, all of this has come together under BA with big data empowering businesses to pull different insights to meet specific requirements. In fact, BA provides the ability to generate more complex questions than were possible in the past and get answers virtually immediately. This enables people to work on a unified strategy instead of focusing on numerous, disparate ones. Furthermore, having business information accessible in real-time enables organisations to make better, more informed decisions, faster.
The challenge in this fast-moving environment is balancing BA requirements with EPM. More data and faster, more insightful analytics mean business is evolving at a rapid pace. While everything is working quickly, decision-makers tend to have more conversations and analysis around their requirements, more often.
This has seen the growth of multiple scenario planning to get immediate answers on important BA questions . Ultimately, companies are moving from a more reticent mindset into one that embraces technological innovation in more specific ways.
Furthermore, these BA-driven questions are much more user-friendly than those of the past. It involves a more natural language process and is available to a wider employee segment than previously seen. The democratisation of data has certainly contributed to this environment. No longer is access limited to a select few. Instead, businesses are giving their staff the capabilities to deliver more strategic value to the organisation through a more generalised BA approach.
Even though finance people are not considered the most creative, the positive impact of numbers and other data being presented faster, means that they can interrogate it in different ways. Additionally, the emergence of more user-friendly dashboard and analytic options has resulted in them spending less time learning about software, and more time delivering on their core objectives.
Once companies start actively using this more dynamic environment, they get the opportunity to ‘play’ around with their data more, gain fresher and more unique insights, and develop more agile strategies than what was possible before.
About Decision Inc.
Decision Inc. is a global leader in information-driven transformation with a core focus on data, digital and performance intelligence. Our expertise in technology and industry specialisations have enabled us to help companies around the world make better decisions faster. Our emphasis on local excellence and global scale enables us to bring clients best of breed technology solutions that enable significant improvement whilst leveraging our Global Research and Innovation teams to accelerate the time to insight. Our local consulting teams are experts in the implementation, support and execution of these solutions and work with our clients to deliver real results and improvement.
- Motoring News | Diesel and Dust | Tumelo Maketekete | #Motoring | #ebizradio | #Podcast - October 15, 2021
- How is AI going to affect both Business and the Advertising landscapes? | #Marketing | #LunchtimeSeries | Kevin Britz | Craig Page-Lee | #ebizradio | #Podcast - October 15, 2021
- How do youth actually consume content? | #Entrepreneur | #WordOfMouth | Lindi Tshabangu | Khathutshelo Bapela | #Podcast | #ebizradio - October 14, 2021
- Since SA has have moved to level 1 lock-down, what effect is this having on the markets? | #Insights | #Trading | Zihad Israel | CMTrading | #ebizradio - October 14, 2021
- Behind the scenes with a Theater Producer | #BusinessBrunch | #Insight | Björn Salsone | Bernard Jay | #Pantomime | #Podcast #ebizradio - October 12, 2021
- Now is the time to make money in this market | #Insight | #Money | Daniel Kibel | CMTrading | #ebizradio - October 11, 2021
- How Trade Specialisation might make you a rich Forex trader | #Insights | Finance | Tope Ijibadejo | CMTrading | #ebizradio - October 8, 2021
- Who are and why are these South Africa’s brands ranked the most valuable? | #Marketing | #Insight | Kevin Britz | Craig Page-Lee - October 7, 2021
- Ubuntu is the spirit of wealth | Investing in YOUR people | #Insight | Nelisiwe Massabgo | #ebizradio - October 7, 2021
- THE NEW REASON TO GET UP FOR WORK IN THE MORNING – Becoming a future-fit employer in a Pandemic | #Business | #Insight | Sibongile Bobo Mngxali | Roche Diagnostics | #ebizradio - October 6, 2021