In the following podcast interview, Harris Gofstein, a Director with SC&H Group’s Hyperion EPM and Oracle BI Consulting practice, explores the future of business analytics – and why companies must adapt to remain competitive, relevant, and profitable.
The thirst for business information and data analytics continues to increase at a staggering pace. The access to – and way we interact with – business information is quickly transforming job responsibilities for finance, operations, and technology executives worldwide.
Today, enterprises require actionable intelligence that extends beyond traditional general ledger and financial statement reporting to remain competitive in the global marketplace. Executives must leverage information that aligns customary financial data with up-to-the-minute operational metrics for more informed, strategic decision-making.
Legacy systems have been updated to plan, analyze, and manage information the way it used to be viewed. However, these systems need to make sure they truly align with the business needs of today while keeping an eye on long-term corporate objectives.
So, what does all of this mean for the future of business analytics – and your company’s bottom line?
Executives are asking how they can combine financial, operational, and big data sources to form an even clearer picture of the corporation. This is driven by the need to stay one step ahead of the competition by figuring out what’s trending and identifying where opportunities exist to expand and grow.
Corporate teams will demand more intelligent data, will want this data even faster, and will want even more easily-accessible options to access this data. For instance, valuable operational data is already mined from numerous sources, such as data warehouses, CRM systems, and social media. As technology continues to advance, there will be even more sources available to help identify mission-critical patterns, trends, and opportunities. It will be vital to gather intelligence based on information such as production volumes, consumer behavior, and buying signals – and review in tandem with financial reports – to help organizations work smarter, not harder.
Furthermore, we no longer need to sit at a desk to access all of this information. We are migrating to a self-service, on-demand, dashboard reporting platform for analytics that includes a mobile access strategy. All of this equates to the fact that teams will need even more access to mission-critical data from anywhere – and at any time – for more rapid, nimble, and accurate decision-making.
The bottom line to protect your corporate bottom line – organizations must act now and arm themselves with the tools necessary to properly align valuable financial and operational results to create “one version of the truth”. Executives will need to anticipate what is happening within the business before it actually happens to help fuel growth. This is only possible if businesses are uniting under a clear, realistic, shared vision of the business.
All of this real-time data will provide an even higher level of predictive analytics that will drive future growth in ways never imagined. Organizations unable to meet these demands – and unarmed with the necessary solutions to help anticipate patterns, trends, and opportunities – will be left behind.
Make sure your company is prepared for the future of predictive analytics – and won’t be left behind. Let’s discuss how we can help ― SC&H Group’s Hyperion EPM and Oracle BI Consulting practice is an internationally recognized Oracle Platinum Partner, and helps companies create a centralized, unified vision of the business that will meet all stakeholder expectations and drive growth.
If you are a global finance leader interested in creating “one version of the truth”, please contact us here.