How Big Data Analytics Will Manipulate The Enterprise Performance Management In The Future?

In this fast-paced world of technology, the success of the companies, whether its small or any giant organization, will heavily depend on their capability of capturing, analyzing and gaining deep insights from the data. And when it comes to the capture, analyze and reporting of data to the support management decision making, then Oracle enterprise performance management has always been at the forefront of it. But with the emergence of Big data analytics, the face of Enterprise performance management is going to take a huge shift in the near future.

But what this Big Data Analytics is all about and how it will change the way EPM is performing now? Generally, most of the organizations are gathering the Key Performance Indicators (KPIs) and business metrics, analyze them thoroughly and report the results of analysis to educate management decision making in their usually EPM efforts.

However, most of them are struggling to determine the key strategic indicators and sometimes end up reporting an incidental set of metrics that doesn’t help them leverage from the real insights and doesn’t support them in taking the right decision. On the other hand, other companies have chosen a next-level approach with data warehouse, which not only store their Key Performance Indicators (KPIs) but also a huge amount of transactional and operational data that they can utilize to fetch more insights from. Earlier, only an organization with a huge budget and the best skills was capable to leverage from the sophisticated business analytics.

With the rapid emergence of computer technology in consort with the exceptional growth of the social media are the two main driving forces behind the rise of the Big Data Analytics. You can consider the term “Big Data” as more complex and messy type of data that we can’t smoothly put in rows or columns. A huge and ever changing amount of data created by the social networking sites where the internet users chat with each other, share files, search for something as well as the data generated by the sensors and chips within the Smartphone devices.

Analyzing big data would help enterprises to understand their employees and customer’s behavior in a much better way through their own transactional data and web logs and associating all these with video tracking, social media posting and search engine data to get far better insights. But what are the key involvements of Big Data Analytics for Enterprise performance management as of now? 

Well, now organizations will have more data to play with. While the conventional KPIs will be the most important business navigation tool, they will be provided with the analysis of a huge and unstructured data sets. Now it has become imperative for the organizations think about the conventional KPIs they wish to inform decision making and how each of these could be enriched with the help of big data.

In the earlier days, when organizations were supposed to have a huge IT & analytics budget to gather, store and analyze the data, today you can find tons of tools that can be used to start analyzing the data.

With the technologies like cloud computing, Software as a Service (SaaS), Hadoop etc., companies can easily store data, access it anytime and manipulate the data in a much faster way. 

So, with the introduction of Big Data Analytics, the organizations are going to see a huge shift in the way they carry out Oracle enterprise performance management. However, it is crucial to think about a few points discussed in this post. Do you have any suggestions? What’s your experience with EPM? Share your views with us…!