Via Social Barrel
Ten years ago the higher echelons of businesses would readily accept two- or three-month-old data. But this kind of thinking has faded. Now, the competition is so tight that senior executives require real-time data to gain valuable insights. If your business cannot access raw figures in real time, it’s inconceivable to obtain meaningful information on how to grow your business. Let alone compete with rival companies that can do it.
Modern Enterprise Performance Management is changing business operations worldwide. Here are a few ways it does that:
1. Big data switches to actionable insights.
Though big data is crucial for EPM, it’s insufficient to crunch data. Decision makers now prefer user-friendly apps with real-time, actionable insights. So expect cloud-based apps that sort data streams to spread in finance.
2. Mobile is undeniable and insatiable.
Businesses outsource tasks; workforces are now global. Companies now farm out jobs away from the local market. This has led to the proliferation of the mobile industry. So smartphone and tablet use will carry over in 2014.
Mobile devices have become the ideal platform to do business between entrepreneurs and consumers. Due to the convenience and ubiquity of smartphones, people have an insatiable hunger to consume digital data
Tools for enterprise performance management must deliver reports ASAP, and on any platform. Otherwise, these technologies will drop market share this year.
3. CFOs have become more influential.
A recent report by the Wall Street Journal says CFOs have larger roles to identify where and how companies take a risk. The paper cited research by Gartner about CFOs having 40 percent more influence than IT from two years ago.
Though CFOs have key roles to transform companies and organizations, many of them find it difficult to determine the best practices to enforce EPM, and take advantage of the flourishing influence of their business.
4. Cloud technologies have become the touchstone.
Analytics firm IDC predicts that expenditure for cloud technologies will rise by 25 percent this year to surpass $100 billion valuation. The higher adoption rate will lead to more specific cloud services, as vendors invest more in infrastructure. And a better cloud infrastructure means more scalable business apps for the public, with service providers offering more cloud computing solutions to companies. So EPM tools that provide better cloud technologies will lead business growth in 2014.
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