Let’s take a second to look away from the 90-degree-plus weather scheduled for the foreseeable future. Imagine what the weather will look like in about six months—February. Snow, cold, miserable for many. However, for snow clearing companies and municipalities alike, employees are already looking out to those months, preparing salt orders, estimating labor, and getting ready for what could be another painful winter.
So, why are we bringing up this handy analogy? Because much like the upcoming winter, data is collecting in your growing business like snow. The real question, of course, is “How are you going to prevent it from stacking up?”
Finance professionals make decisions based on data from multiple sources: sales, marketing, operations, and more. What happens when none of this data works together and sits in disparate silos? It would be nearly impossible to manage, much less make effective decisions on.
Much like a city in a snowstorm, this would parallel sending trucks out to cover roads, never actually looking at a map.
In an organization, this could mean a poor forecast, a misinformed decision, or a paralysis by manual analysis.
Whether you’re running a city or running a finance department, three tactics reign supreme: Analyze, Plan, and Monitor.
The Marriage of Business Intelligence and Enterprise Performance Management
In a recent whitepaper by our friends at Host Analytics, authors highlight an intersection of business intelligence and enterprise performance management, separate disciplines at heart, that meld together to drive an effective performance management strategy.
Finance professionals make critical business decisions that must rely on both internal and external driver-based data. With financial implications at the core of these decisions, finance executives are particularly challenged by the relentless growth of internally generated and externally available data today.
Host Analytics whitepaper “The Marriage of Business Intelligence and Enterprise Performance Management” shares the steps to making faster and smarter decisions by establishing a “prepared mind” for your organization through three steps: Analyze, Plan, Monitor.
“Chance favors only the prepared mind,” and there is an opportunity for organizations who can make better decisions using the facts and data ahead of them.
We welcome you to download the whitepaper, The Marriage of Business Intelligence and Enterprise Performance Management, from our friends at Host Analytics, and to learn more about how Brittenford can help you to implement, learn, and integrate big data into all of your financial decisions.