Article | May 30, 2023
When it comes to improving business performance, quite a bit of jargon gets thrown around. Corporate performance management (CPM), for example, is often used to refer to business performance management and enterprise performance management, but these terms don't always refer to the same thing.
CPM improves a company's capability. It helps the company enhance three fundamental values: performance monitoring, information delivery, and performance effectiveness. These values assist in understanding, improving, and managing the business. Within an integrated ecosystem, a corporate performance management system coordinates the performance of managers, employees, customers, and suppliers. Information access and strategic planning are the foundations of corporate performance management.
3 Reasons Why You Need Corporate Performance Management (CPM)
In the era of exploding business intelligence, businesses need to embrace process automation. CPM may profoundly impact your team's productivity, coherence, insight, and more.
CPM functions are critical to the C-suite and the long-term success of an organization. As a result, several businesses have developed departments solely dedicated to strategy and performance management. Let's look at the top reasons why you should use CPM for your business.
Addressing Challenges in Financial Data
Compiling your financial data takes time. To see and organize your financial data easily and quickly, you can use CPM software to connect with your ERP system. This application will also make the finance team's job simpler. It will be easier to understand and manage the projected estimates and how important they are.
Smart dashboards in business performance management or CPM software provide every quantifiable statistic that a management team will need to use in its decision-making. Even though there are so many different types of data, it can be a good thing to read and use it as changes happen in real-time in the company.
Most businesses have several individuals involved in performance management, right from C-level executives to back-office administrators. Although not everyone is actively participating in the performance management process, many users need access to and analysis of reports.
CPM technology for a business focuses on a single source of information or data. That is why it provides greater control over it. It also gives more control and security over the results that come out of the process.
Who Uses CPM?
Earlier, CPM was primarily used by businesses with more than 1,000 workers. However, due to the affordability and simplicity of next-generation CPM solutions, dynamic and ambitious organizations from the startup phase to the enterprise level are now utilizing them. This is one of the prime reasons for the rapid increase in the CPM software market.
Companies that sense an opportunity to grow, large businesses that operate globally, organizations that merge with others, and businesses that strive to improve company performance are the most likely to use CPM.
Overcoming the Corporate Performance Management Challenges
When a business imparts great performance management throughout the workplace, critical expectations and desired outcomes must be set. Also, this does not always go as planned. As a result, CPM presents significant challenges that need immediate attention, as stated below.
This involves ensuring that all organizational processes and essential components, such as finances, project and program management, risk management, etc., align with the primary goal.
A poorly implemented CPM will result in complete failure. To make sure that information can be easily integrated, processed, and reported to meet specific standards, a company should build an ICT infrastructure that is easy to use, complete, and appropriate.
Synchronization of Objectives
Businesses should not depend only on current tactics while neglecting to develop their own. Instead, they should focus on getting their main objectives out in the open so that CPM and all stakeholders are on the same page.
Things to Consider While Choosing a CPM Platform
Before investing in corporate performance management software, understand your team’s requirements. What manual tasks do they currently execute? What tools will the team require to keep pace with the growth of the company?
Here we have mentioned the top three things to consider while choosing a CPM platform for business.
You want your employees to be passionate about the platform and its potential; choose an option that will significantly enhance their day-to-day functioning. Involve your team in the process of choosing a platform so they can give their opinion on how easy it is to use.
A user-friendly and accessible CPM system will lead to successful training, deployment, and an instant ROI.
Integrations with Existing Tools
Make sure your new CPM system can integrate with your existing systems. You may want to import data from your ERP system, BI tools, and spreadsheets in real-time to save time and effort by copying and pasting data between applications. Manual data re-entry takes a lot of time and puts data at risk of being missed or entered incorrectly.
This integration is crucial if your business utilizes a data warehouse to integrate data from multiple cloud tools. To do more analysis, you can also export data from the CPM platform into models and spreadsheets and presentations and word documents.
Value to the Organization
The cheapest option is not always the best one for your business. Evaluate the value of the software to the team, leadership, and organization. How can the program improve efficiency, offer accurate business visibility, and assist with data-driven decisions? This is where value is measured.
Corporate performance management is the framework that connects your organizational objectives with planning, enabling successful strategy implementation. Investing in CPM software will increase a company's efficiency by handling a reasonably straightforward process. When employees are free from tiresome activities, they can be employed for something useful that will contribute to the company's development.
“The true measure of the value of any business leader and manager is performance.”
– Brian Tracy
Frequently Asked Questions
What Is the Role of CPM in Business?
CPM software, which was earlier used in finance departments, is now meant to be used enterprise-wide, usually complementing business intelligence systems. There are graphical scorecards and dashboards for displaying corporate information in the CPM software. Forecasting, budgeting, and planning are some of the features that come with the software.
What Are the Primary Corporate Performance Metrics?
CPM is an aspect of business intelligence (BI) that includes monitoring and controlling a company's performance based on key performance indicators (KPIs) such as revenue, ROI, overhead, and operational expenses.
What Is the Difference Between CPM and EPM?
CPM concentrates on delivering a company-wide performance management solution, especially for the organization's finance department. EPM focuses on the overall performance of the organization, going beyond the finance departments to sales, marketing, supply chain, and other areas.
Business Intelligence, Big Data Management, Big Data
Article | August 17, 2023
“Text analytics can help organizations discover patterns in large unstructured data sets. Unstructured data, such as videos, photos, and audio accounts for at least 80% of your company’s data, a true blind spot for most businesses.”
Data scientists use advanced data science approaches to examine text. This textual data provides a better understanding of client attitudes toward certain topics or uncovers additional information.
Using this text analytics, you can turn free-form text into structured data for use in prediction models or uncover hidden patterns in your data. If you want, you can use text analysis to identify prospective customers who might be interested in cross-selling, forecast customer attitudes, and understand fraud-prevention behaviors.
Businesses understand the value of their raw text across all industries. As a result, with the help of data, they can reduce operational expenses, find previously unknown linkages, and get a better insight into the future trends.
Is it hard to comprehend that text accounts for 80% of all corporate data?
Online reviews, call center transcripts, consumer surveys, and other written documents are examples. This raw text data is a gold mine for understanding customer attitudes. Text mining and analytics transform these underutilized data sources into actionable information. However, each organization must have the expertise, infrastructure, and analytical perspective to implement this cutting-edge technology in their own way.
How is Text Analytics Used in Companies?
Companies can use NLP and untapped data sources in a number of ground-breaking ways.
Many businesses are already successfully employing text to drive their operations. In addition, text analytics can help you improve your procedures if you're transitioning from business intelligence reporting to data science.
Best Five Text Analytics Use Cases for Businesses
Companies and people, regardless of industry, desire to make better-informed business decisions based on trackable and measurable data. Thanks to improvements in text analysis, companies can now mine the text for insights and improve their service or offering to thrive in their industry.
Read on to understand some of the text analytics use cases that could be applied in your company.
Voice of the Customer (VOC) to Extract Customer Opinion on a product
Companies employ VOC applications to determine what customers say about a product or service.
Emails, call center logs, surveys, and social media streams such as blogs, tweets, forum postings, newsfeeds, and so on are examples of data sources. A telecommunications company, for example, might use voice of customer text analysis to look for complaints about their online services on Twitter.
It will give them an early warning when customers aren’t happy with the service's performance, so that they can act before the client calls to complain or publicly ask for the contract to be terminated.
Lead Generation through Social Media
A piece of social media information can be used to retain and get new clients. It is like the use of the VOC application.
For example, if a person tweets that they are interested in a particular product or service, text analytics can detect this and pass the information to a sales representative, who can then pursue the prospect and turn them into a customer.
Finding Out What Customers Value through Market Research
According to numerous statistics, consumers are interested in other people's thoughts and experiences. According to a study, at least 90% of humans are influenced by what they read.
Also, if the review is terrible, the sentiment is shared. In the last few years, several websites have been collecting reviews of local eateries, vacation spots, and, of course, commercial products.
If your company is thinking about going into a new market or looking into new product ideas, why not start by looking into online market research reviews from real people?
Market research helps you know what features are important to customers when you start your marketing effort. It's critical to know which characteristics influence purchasing decisions and contribute to customer unhappiness.
Use Customer Complaints to Identify New Product Ideals
Understanding the consumer experience is critical, and internet reviews offer a dependable means to do it. Of course, when a consumer encounters problems, no one expects them to be happy, but it can be positive if the support is speedy and helpful.
Social media handles could be effectively used to understand the feedback and complaints of customers. Responding to them promptly makes the customers feel good. It also, gives an idea of the expectations of the customers and the new product ideals.
Analyzing the Customer Sentiments
Whether you're selling a handbag or consumer software on the App Store, text analytics may help you categorize reviews quickly. Unfortunately, a spreadsheet and hours of reading and categorizing reviews are generally required for the manual option. Aside from the discomfort of working long hours, we frequently find irregularities due to the physical nature of this labor. So why not create a data categorization and scoring model that you can use to rerun the data daily, weekly, or monthly?
Companies now have many options to perform text analysis thanks to the rise and availability of unstructured text data. However, simply wanting to use text analytics and predictive analytics isn't enough. You need to first understand where you are as a company from an analytical point of view, and then you need to create a plan on how to embrace these new opportunities. Understanding where you are now can help you determine your next steps and protect you from taking on more than you can handle.
Frequently Asked Questions
How do companies use text analytics?
Text analytics is being used by businesses to analyze consumer comments, evaluate client interactions, assess claims, and uncover compliance concerns. Text analytics software based on natural language processing (NLP) can be used to quickly scan internal legal documents for words and phrases related to finance or fraud.
What can text analytics be used for?
Text analytics is used to gain deeper insights from unstructured text. For example, it can help you see a pattern or trend.
Can business intelligence be improved through text analytics?
Text analytics can help you understand trends, patterns, and actionable insights that you can apply to make data-driven decisions. It can be done by combining the findings of text analysis with business intelligence tools to put the numbers into easy-to-understand reports and images.
Business Intelligence, Big Data Management, Data Science
Article | May 2, 2023
Discover the prominent big data analytics tools in 2023 and unlock the full potential of big data. Leverage data-driven decision-making to gain insights and implement strategies to accelerate growth.
Adopting Big Data Analytics Tools
In the current data-driven world, organizations increasingly recognize the value of data analytics in driving businesses’ success. As the volume and complexity of data continue to grow, staying at the forefront of data analytics tools and technologies becomes crucial for businesses to gain actionable insights and make informed decisions.
As we delve into 2023, it becomes paramount for businesses to keep pace with emerging cutting-edge big data tools. These tools serve as catalysts for enterprises to harness the power of data analytics effectively. By adopting the right tools and technologies, organizations gain a competitive advantage, foster innovation, and make data-driven decisions that accelerate their growth in an ever-evolving digital landscape.
This article delves into the realm of data analytics and explores the emerging big data analytics tools poised to have a significant impact in 2023. From sophisticated machine learning algorithms that push the boundaries of analysis to robust data visualization platforms that bring insights to life, these tools present captivating opportunities for organizations to unlock the full potential of their data and derive actionable intelligence.
Exploring Key Trends and Emerging Tools
One of the key trends in the data analytics landscape is the rise of cloud-based analytics platforms. These platforms provide scalability, flexibility, and accessibility, allowing businesses to leverage the power of distributed computing and storage for their data analysis needs. With cloud-based tools, organizations can easily process and analyze large volumes of data without significant infrastructure investments.
Another emerging trend is integrating artificial intelligence and machine learning into data analytics workflows. AI-powered analytics tools enable businesses to automate data processing, uncover hidden patterns, and generate predictive insights. ML algorithms can learn from vast amounts of data, continuously improving accuracy and enabling organizations to make data-driven decisions with precision.
Furthermore, big data visualization tools are becoming increasingly sophisticated, enabling users to transform intricate data into interactive visual representations. These tools facilitate enhanced comprehension and interpretation of data, allowing stakeholders to swiftly extract insights with efficacy.
Moreover, the convergence of big data and internet of things (IoT) technologies is creating new opportunities. As IoT devices generate vast amounts of data, organizations can leverage tools for big data analytics to capture, store, and analyze this data, uncovering valuable insights and driving innovation in various industries.
Top Big Data Tools to Lookout For:
1. Talend Data Fabric
Cloud Integration Software by Talend
Talend Data Fabric is an integrated data management and governance platform that enables organizations to access, transform, move and synchronize big data across the enterprise. It provides a comprehensive suite of tools and technologies to address data integration, quality, governance, and stewardship challenges. The platform allows users to access and work with data, regardless of location or format, whether in traditional databases, data lakes, cloud environments, or even in real-time streaming sources. This flexibility empowers organizations to leverage their data assets more effectively and make data-driven decisions.
2. Alteryx Platform
Predictive Analytics Software by Alteryx
Alteryx is a user-friendly data analytics platform that enables efficient processing and analysis of large datasets. It empowers users to quickly derive valuable insights from data without extensive coding skills. Alteryx facilitates the automation of analytics tasks at scale and enables intelligent decision-making across the organization. The platform provides a comprehensive set of tools, including automated data preparation, analytics, machine learning capabilities, and AI-generated insights. Its intuitive interface enables seamless data access from diverse sources like databases, cloud-based data warehouses, and spreadsheets. Alteryx simplifies data blending and preparation from multiple sources, ensuring high-quality and analysis-ready data for enhanced decision-making.
Data Integration Platform
Adverity is a comprehensive data platform that automates data connectivity, transformation, governance, and utilization at scale. It simplifies the arduous task of cleansing and merging data from diverse sources, encompassing sales, finance, and marketing channels, to establish a reliable source of business performance information. The platform seamlessly integrates with multiple databases and cloud-based software, providing access to previously inaccessible data. Adverity empowers users to efficiently analyze incoming data from any source and format, facilitating the discovery of patterns, trends, and correlations. Its robust dashboard enables real-time interaction with data, empowering businesses to make faster, smarter decisions.
Cloud BI and Analytics Platform
GoodData is an advanced cloud-based analytics platform that offer intuitive and user-friendly tools for data analysis, embeddable data visualizations, and seamless application integration solutions. Its API-first approach enables users to effortlessly aggregate, analyze, and visualize its data in real time, facilitating swift and effective decision-making. In addition, the platform's microservice-based architecture integrates seamlessly with existing ecosystems, providing a comprehensive end-to-end data analytics solution. With its scalable architecture and straightforward setup, GoodData is an excellent choice for businesses seeking powerful insights without expensive infrastructure investments.
Data Preparation Tool
Datameer is an advanced analytics and data science platform designed to help businesses quickly discover insights in their enterprise data. It enables users to connect to multiple data sources effortlessly, employing a user-friendly drag-and-drop interface to transform data and create interactive visualizations and dashboards. The platform also offers access to various analytics tools, including predictive analytics and machine learning algorithms. By simplifying the data exploration process, Datameer provides an intuitive and robust environment for loading, storing, querying, and manipulating data from any source. This streamlined approach aids businesses in reducing time-to-insight by revealing previously concealed relationships and trends.
In the dynamic and data-intensive landscape of 2023, organizations must prioritize the integration of data analytics and adopting emerging big data tools. Adopting emerging tools for big data analytics empowers organizations to seamlessly collect, store, process, and analyze vast volumes of data in real time, providing valuable insights and enabling timely decision-making. However, to fully capitalize on the benefits of these tools, organizations must invest in skilled data professionals who can adeptly leverage these tools to extract meaningful insights. Data literacy and cultivating a data-driven culture within the organization are pivotal components for success in the data-driven landscape of 2023. Organizations can thrive in the ever-evolving realm of data analytics by fostering an environment where data is valued and utilized to drive business outcomes.
Article | March 23, 2021
Learn, re Learn and Unlearn
The times we are living in, we have to upgrade ourselves constantly in order to stay afloat with the industry be it Logistics, Traditional business, Agriculture, etc.. Technology is constantly changing our lives the way we used to live, living and will live. Anyone who thinks technology is not their cup of tea then I would say he /she will have no place in the world to live. It’s a blessing or curse on human race, only time will tell but effects are already surfacing in the market in the form of Job cut, poverty, some roles are no longer needed or replaced with.
Poor is getting poorer and rich is getting richer. Covid19 has not only brought the curse on human race but it has been a blessing in disguise for Tech giants and E-commerce. Technology not only changing the business but every human’s outlook towards life, family structure, the globalization of talents etc. It is nerve wrenching to imagine just what the world will look like in coming 20 years from now. Can all of us adapt to learn, re learn and unlearn quote? Or we have to depend upon countries/Governments to announce Minimum Wage to sustain our basic needs? Uncertainties are looming as the world is coming closer due to technology but emotionally going far. It’s sad to see children, colleagues communicating via emails and messages in the same home and office. Human is losing its touch and feel.
Repercussion to resists of learning, unlearning and relearning can bring down choices to none in the long run. Delay in adapting to change can be increasingly expensive as one can lose their place in a world earlier than one think. From 1992, where fewer people used to have facility of internet around , People used to stay in jobs for life but same people are now not wanted in the jobs when they go for interview as they lack in experience just because they have been doing what they were doing in one job without exposing themselves to the world’s new requirement of learn , re learn and unlearn. Chances of this group, getting a job will be negative. World has thrown different types of challenges to people, community, jobs, businesses , those people used to be applauded for remaining On one job for life ,same group of people are looked differently by corporate firms as redundant due to technology. So should people keep changing jobs after few years to just get on to learn, re learn and unlearn or continue waiting for their existing companies to face challenges and go off from the market? Only time and technology will determine what is store for human race next.
According to some of the studies, its shown the longer the delay in adopting technology for any given nation, the lower the per capita income of that nation. It shows extreme reliance on Technology but can all of us adopt to the technology at the same rate as its been introduced to us? Can our children or upcoming next generations adopt technology at same scale? Or future is Either Technology or nothing, in Short Job or Jobless there is no in between option?
Stephen Goldsmith, director of the Innovations in Government Program and Data-Smart City Solutions at the John F. Kennedy School of Government at Harvard University, said that in some areas, technological advancements have exceeded expectations made in 2000.
The Internet also has exploded beyond expectations. From 2000 to 2010, the number of Internet users increased 500 percent, from 361 million worldwide to almost 2 billion. Now, close to 4 billion people throughout the world use the Internet. People go online for everything from buying groceries and clothes to finding a date. They can register their cars online, earn a college degree, shop for houses and apply for a mortgage but again same question is arising , Can each one of us at the same scale use or advance their skill to use technology or we are leaving our senior generations behind and making them cripple in today’s society? Or How about Mid age people who are in their 50s and soon going to take over senior society , Can they get the job and advance their skill to meet technology demands or learn, unlearn and re learn or Not only pandemic but even Technology is going to make human redundant before their actual retirement and their knowledge, skill obsolete. There should be a way forward to achieve balance, absolute reliance on Technology is not only cyber threat to governments but in long term, Unemployment, Creating Jobs or paying minimum wage to unemployed mass will be a huge worry. At the end of the day, humans need basic and then luxury. Technology can bring ease of doing business, connecting businesses and out flows, connecting Wholesalers to end users but in between many jobs, heads will be slashed down and impact will be dire. Therefore Humans have to get themselves prepared to learn, unlearn and re learn to meet today’s technology requirement or prepare themselves for early retirement.