Forbes published an article about the scarcity of data scientists in many businesses. The main challenge seems to be that there is a scarce talent pool and those that are available demand high compensation. In fact 63% of companies today offer in house training in order to fill this gap in their business. You can read more about the article here.
Many companies struggle with data collection, lack of ownership and accountability of the data, security issues as well as the lack of necessary skillset to handle big data tools. Consequently, this means businesses struggle with turning analytical insights into concrete business actions and this goes both for start-up companies and well established companies.
With data scientists continuing to be a scarce and expensive resource, it is not surprising that many companies turn to modern technology as an aid to their existing employees´ skills to help them in their decision-making and strategy planning.
The rise of Technology
One of the many breakthrough technologies of the century is the advancement of Corporate Performance Management solutions. A term used to refer to a set of methodologies and processes that help manage the success of the organization. This includes financial reporting and analysis, budgeting, forecasting, consolidation, and metrics management.
20 years ago, finance departments were perfectly content doing financial reporting and budgeting in Excel spreadsheets. There were problems but many felt there was not much one can do about it other than to accept that there will be a relatively significant margin of error in the calculations and that generating the needed information will have to take time.
This isn´t the case today. Many finance departments through their CFOs now know that in order to compete and stay ahead of the game they have to have prompt answers to questions. Finance departments now understand that relying on IT departments or data scientists to generate reports for them is not sustainable in the long run.
Changing the Roadmap
Software developers listen to the demands of the market. In many surveys done by varying companies, there is unanimity in the idea that CPM tools must address this ongoing problem of skill scarcity.
With the lack of personnel with the necessary skillset to collect, handle, and analyze big data, CPM developers made it a mission to develop solutions that can make data collection standardized, make the tool easy to manage without technical know-how, and to make it easier to translate analysis of figures to concrete business decisions.
With the ongoing problem of lack of data scientist or skilled personnel to handle big data, Performance Canvas offers an effective long-term fix to many businesses. It uses MS Excel as its user interface to give a feel of familiarity and to leverage the existing skills of the finance personnel while allowing its users advanced modeling capabilities even without in-depth training.
Performance Canvas also enforces a corporate standard for data collection, it enforces site-wide transparency, auditability, and consistency in application of business rules across the organization. Most importantly, Performance Canvas ensures that business users do not just generate real time figures instead, they generate critical business insights that can be used to translate these figures into concrete business actions.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.