IBM’s Big Data and Analytics Analyst Insights conference started me thinking about the longer-term potential impact of big data and related technologies on business management. I covered some of the near-term uses of big data and analytics in an earlier perspective. There are numerous uses of big data that can provide incremental improvements to existing processes and practices. Some of these will have a significant impact on changing business models, enabling new classes of products and services and improving performance. As well, the technology will have more profound, longer lasting effects. The ability to analyze large quantities of business-related data rapidly has the potential to set in motion fundamental changes in how executives and managers run their business. Properly deployed, it will enable a more forward-looking and agile management style even in very large enterprises. It will allow more flexible forms of business organization. None of these changes will be universal, and the old school will be with us for some time. Technology, however, will give executives and their boards of directors a powerful tool for strategic differentiation to achieve a sustainable competitive advantage.
Topics: Analytics, Big Data, Budgeting, Business Analytics, Business Collaboration, Business Performance Management (BPM), decision, Financial Performance Management (FPM), FPM, IBM, Information Management (IM), Management, Operational Performance Management (OPM), Planning, Predictive Analytics, Watson
IBM hosted the Big Data and Analytics Analyst Insights conference in Toronto recently to emphasize the strategic importance of this topic to the company and to highlight recent and forthcoming advancements in its big data and analytics software. Our firm followed the presentations with interest. My colleagues Mark Smith and Tony Cosentino have commented on IBM’s execution of its big data strategy and its approach to analytics. As well, Ventana Research has conducted benchmark research on challenges in big data.
Topics: Analytics, Big Data, Business Analytics, Business Performance Management (BPM), Customer Performance Management (CPM), Financial Performance Management (FPM), FPM, IBM, Maximo, MRO, Operational Intelligence, Operational Performance Management (OPM), Sales Performance Management (SPM), TM1, Watson, Office of Finance, Business Intelligence
Planview recently announced general availability of Planview Enterprise 11. The new release enhances the user experience through a comprehensive redesign of the interface to promote ease of use. The changes are intended to facilitate an integrated approach to long-range planning of capital projects and major corporate initiatives across departments. There’s an important difference between strategic and long-range planning, and this difference is the reason why long-range planning benefits from software specifically designed to support that process. Strategic planning involves the formal conceptualization of a corporation’s strategy and its individual supporting elements such as product, sales, pricing and financial strategy. The strategic planning process is aimed at solidifying ideas and concepts into words to ensure understanding and agreement by the senior leadership team. Strategic planning naturally is done at the highest echelons of an organization. For that reason, it involves a relatively small group of senior executives and deals more in concepts and less in specific numbers. Long-range planning is the next step. It’s the formal quantification of the strategic plan and how that strategy is expected to play out. Translating the company’s strategic plan into numbers should be an iterative process of dialogue between those who set the strategy and those responsible for carrying it out. Being able to get quick answers to these what-if questions makes for a more productive, accurate and fact-based dialog.
Topics: Business Performance Management (BPM), CFO, FEI, FERF CEO, Financial Performance Management, Financial Performance Management (FPM), FPM, Operational Performance Management (OPM), Performance Management, Planning, Planview, Reporting, Sales Performance Management (SPM), Supply Chain Performance Management (SCPM), Office of Finance, Big Data
I recently attended Vision 2013, IBM’s annual conference for users of its financial governance, risk management and sales performance management software. These three groups have little in common operationally, but they share software infrastructure needs and basic supporting software components such as reporting and analytics. Moreover, while some other major vendors’ user group meetings concentrate on IT departments, Vision focuses on business users and their needs, which is a welcome difference. For me, there were three noteworthy features related to the finance portion of the program. First, IBM continues to advance its financial performance management (FPM) suite and emphasizes its Cognos TM1 platform to support a range of finance department tasks. Second, the user-led sessions illustrated improvements that finance departments can make to their core processes today, ones that improve the quality of these processes and go a long way toward enabling Finance to play a more strategic role in the company it serves. Third, the Cognos Disclosure Management product has better performance and useful new features to support the management of a full range of internal and external disclosure documents, including the extended close, which I have discussed.
Topics: Analytics, Budgeting, Business Performance Management (BPM), CFO, closing, Data Management, Financial Performance Management, Financial Performance Management (FPM), FPM, IBM, Planning, Reporting, SEC, TM1, XBRL, digital technology