Advanced Predictive Analytics: Catalyst for Success
The world of predictive analytics has significantly evolved, making advanced usage a real game-changer. Reasons why this technology is a game-changer include how:
- a superior forecasting model is now available.
- technology is much simpler to use.
- outcomes are easier to:
- this technology can be used daily for targeted purposes, no longer a tool used just for big-picture analyses.
Right now, there are plenty of companies that aren’t yet using this advanced predictive analytics technology, which gives companies that do implement it—including large and small companies—a competitive edge against those still using outdated models.
More specifically, companies that implement this technology will benefit in three key ways.
First, company data can become fully optimized for forecasting purposes. So, even if you’re using predictive analytics for other company functions—such as product development, marketing, and so forth—they can still benefit in significant ways. This technology allows finance teams to dovetail planning with business analysts, sharing data and making financial forecasts with merged intelligence.
This allows you to strategically set prices, develop or adjust product mix strategies, target customers, and much more.
Next, you can augment valuable human knowledge and skills through automated predictive analytics. Finance professionals, for example, can review data through a no-coding experience in Oracle EPM Cloud, make a predictive query, and then use their experience to make decisions using the combined best of human knowledge and technology. This can be done with never-before-available ease and speed.
Plus, after financial forecasts have been completed, predictive technologies can help with process improvements. It can be quite cumbersome to manually compare, say, forecasts over the past three or four quarters to learn how to improve. But, using modern predictive capabilities, this type of learning is automatically and continuously happening. That’s because of the collaboration that can now occur between finance professionals and business analysts.
Gaps and misalignments can be identified and collaboratively overcome as teams recognize areas where common language is needed, as just one example. As planning activities are increasingly more consolidated, SMBs using advanced predictive analytics will find and address disparities to create more effective forecasts and strategies.
Oracle EPM Cloud
This technology can be an ideal platform for forward-thinking SMBs that are ready to adopt modern EPM Cloud solutions to optimize data, become even more innovative, and create the most accurate financial forecasts possible. When enterprise performance management planning is moved to the Cloud, benefits can be significant. An Oracle EPM Trends report shows these:
- Staying current on technology/upgrades (75%)
- Faster deployment (71%)
- Improvement in service received (66%)
- Improved flexibility (62%)
- Access for more of our users (61%)
- Better data governance (59%)
- More accurate numbers (50%)
- Industry capabilities (48%)
- Improved security (41%)
Choose CSS for EPM Implementation
Oracle consultants at CSS can streamline EPM implementation, thanks to our deep industry experience, hands-on knowledge, and Oracle wisdom, empowering your company to make real-time, data-driven and informed decisions. Contact us online or call 1-800-814-7705 today to discuss your unique needs.
Read the entire series from Jim Webb.