Success of companies – big or small – will increasingly depend on their ability to capture, analyse and gain insights from data. While Enterprise Performance Management (EPM) has always been about collecting, analysing and reporting of data to support management decision making, the emergence of ‘Big Data Analytics’ is both refining and enhancing EPM as we know it.
Companies traditionally struggled to identify key strategic indicators and often ended up reporting on a random set of metrics that didn’t necessarily lead to any real or valuable insights.
In the past it was only those companies with the biggest budgets and best skills that were able to benefit from sophisticated business analytics by accessing large quantities of transactional and operational data, which they used to extract high-value information. But that situation has changed in recent times and now big data is more accessible than ever before to just about everybody.