As companies start to look at their next round of cost-cutting and efficiency measures, with much of the low-hanging fruit already harvested, next-generation business intelligence and data analytics technology-integrated with a raft of other technology solutions--will provide the backbone to dig more deeply into processes and send and receive information in near-real-time for swift decision-making.
As the crisis progressed, many companies turned to internal cost cutting measures to reduce working capital expenditures and save cash.
They looked to solutions such as spend management software for managing corporate card programs, and automation and data analytics around procurement to glean greater efficiencies in the supply chain.
But as they look to move beyond the first stage of cost cutting, they will need to look more deeply at their global operations in order to find efficiency gains, and it will take some pretty advanced solutions to manage this.
Some of the most advanced solution providers in the data analytics and business intelligence space recognize this and are building more flexible solutions to help companies get a picture of global operations in near-real-time.
Plus, they are looking at ways to integrate such technologies as mobile platforms and social media outlets to get that information out to those who need it as quickly as possible to enable speedy decision-making.
For example, next-gen business intelligence solutions will let a company pull data from both internal and external sources with a much greater flexibility in terms of what data is pulled, how that data is cut, how it is matched to data in other systems, and what analytics are available around it.
This idea of data mashups- taking data from sources that aren’t traditionally linked together and enabling it to be cleaned and matched—is a huge development in itself.
Then in addition, vendors are looking at ways to automatically send data via social media outlets and mobile devices to those that need to receive it.
With that information coming in near-real-time, stakeholders can act immediately upon it and interact with others through those outlets in order to improve decision-making and speed of response.
Although it may be some time away before this becomes mainstream, it is most definitely the future. As with every new technology it takes time for solutions to filter their way into acceptable and common use.