As 2015 comes to a close, let us look at what the forecasted key priorities will be for the coming year in terms of BI systems. Now all these are already existing in 2015 but here is a list of what we think will continue to be the top 5 key features that many CFOs, finance managers, or anyone working with finance will be focusing on.
- Predictive and Prescriptive Analytics
The decisions of tomorrow are based on what we know today. In 2016, it is important to continue to improve how we answer “what will happen” and if it doesn´t happen, “how can I make it happen?.”
It is not anymore enough that we rely on historical information based on the data we have successfully extracted from the past. We have come to an age where there is very little room for costly errors. That being said, being able to predict with a certain degree of reliability is important. A system that can analyze past and current data as well as give us various scenarios and associated risks is a top priority.
Companies today can offer promotions of their product or services on certain weeks or months of the year because of their analysis of performance trends. They are now, more than ever, better in analyzing and predicting reactions, consumer behavior, and retention tendencies.
All these are also brought about by the fact that several companies have been very good in reacting quickly. Once they see a looming trend, they are quick to take actions in an attempt to make the best out of the situation.
- An improved Self-service Business intelligence
Anyone who is trying to be up to date with Business Intelligence knows that Self-service BI is not a new thing. However, in 2016, there will be a demand for an improved package.
In relation to the first priority in this list, all of the decisions are based upon best available information. It is therefore a priority to ensure that all these variables affecting the knowledge used in decision making is captured in a robust system. This system must be able to extract historical data, analyze trends, ensure regulation compliance, and most of all tell the user what to do next.
Along with all of the demands of the system is an even greater requirement of the system being easy to use without heavy reliance on an IT team. Several CFOs and finance managers in 2016 will continue to espouse empowerment of their team through a system that they can control and manage themselves.
- Cost-efficient Data Integration
CFOs today are in a difficult situation where they are expected to do more with pretty much the same money or less than that of the previous year. They are demanded to ensure the business stays afloat and that it fares better than the previous year by upgrading or expanding systems but all of these they must do in a cost efficient way.
One of the ways to go about it is by using the tools or systems they already possess but is not fully optimized yet. In 2016, we will see a dramatic increase of people who will continue to stick with their previous software investments but will only add a solution that can potentially help them optimize the use of their tools via seamless integration with current systems in place.
For example, we will not predict a lot of shifting of ERP system investments, instead we predict an increase in purchase of specialized solution such as a budgeting or reporting software that can integrate easily with their current ERP system.
- Cloud Analytics
This is yet another trend that year over year is predicted. In 2016, the shift to cloud analytics will continue to grow. We have seen the mushrooming of cloud solutions this year and next year, we predict there will be more.
Companies will continue to adapt and embrace the trend to shift to cloud based solutions. For software companies not agile enough to follow through with the cloud migration, this could be a fatal decision.
- Data Visualization
In this age, as more information is made available we see a drastic change in reading behavior. Our attention spans are shorter and we judge content primarily based on headlines. Marketers today have to use click bait titles to increase the chances of their content being read and they now try to convey their message in simpler, shorter, and easier to understand bullet point writing.
In 2016, there will be a high demand for data visualization. There has to be an increased ability to use attractive, eye catching visuals than the conventional tables with numbers or a barrage of text. It is important to be able to convey an important message on a single, enticing to read, graph.
2016 is indeed an exciting year. A year of deeper understanding of Business Intelligence from a user perspective, a year of turning into data professionals from newbies, a year of moving away from familiarity stage toward an intermediate user stage, and a year of doing more with less. From an entrepreneur standpoint, it will be a year of innovation and ingenuity. It will be develop or die year.
If you are looking for a good supplement to your General ledger, ERP system, or HRIS – a robust and world-class budgeting, planning, reporting and analysis as well as consolidating solution, have a look at this video at this or for more information, visit us at www.performancecanvas.com or email us at [email protected].
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.