By Edward Roske, CEO and Oracle ACE Director, InterRel
Now in its fourth year, InterRel's State of Business Analytics survey helps bring numerical order to the un-ending chaos of planning, consolidation, and reporting.
What if your organization had the ability to thrive, not just survive, in the next decade? It can’t do so by just resting on its laurels, relying on existing market share and barriers to entry to keep competitors at bay. We simply can’t survive—let alone thrive—in a status quo culture of, “If it ain’t broke, don’t fix it.”
Organizations must constantly evolve and re-evolve. Think about all the companies that monopolized their power and weren’t flexible enough to change with the times, while forward thinking organizations like Netflix completely changed… and continue to change… the landscape of their industry.
Netflix quickly and completely disrupted the entertainment industry:
As the world’s migration to the cloud continues unabated, we are beginning to see how it affects every day operations. One theme dominates the discussion of modern EPM and business intelligence practices, and that is “agility.” Organizations are going out of business at a startling pace due to their lack of nimbleness and insight. FP&A professionals are constantly asking how they can best use their data and analytics to drive competitive differentiation and profitable revenue—how not to end like Blockbuster, but to thrive like Netflix.
InterRel’s inaugural State of Business Analytics (SoBA) survey in 2017 uncovered some rapidly emerging business analytics trends as the migration from on-premise to the cloud took off:
From our 2018 SoBA survey, 5 new operational changes were recommended, based on insights from key FP&A executives:
The 3rd annual State of Business Analytics survey, released earlier this year, was compiled from insights from more than 250 global organizations. The 2019 edition uncovers trends that support the need for business agility:
The pace of change and innovation in EPM and business intelligence continues to increase, and the challenge for companies to dominate—let alone keep up—is becoming ever-greater. The impacts of these changes will drive ever-increasing needs for agility and flexibility.