In tracking NICE for a decade I have seen the company grow, through a series of acquisitions and product developments, from a vendor largely of workforce management systems to one that offers a full suite of workforce optimization products. It is now advancing what I call a customer experience platform that builds on top of my last coverage of it advancing its efforts. This includes systems to manage assisted channels of engagement (primarily the telephone), digital channels of engagement, workforce optimization, advanced analytics and tight integration with business applications such as CRM. NICE is on the road to building such a platform using existing and newly developed products and those that it recently acquired from Nexidia and inContact. It will take time before a fully integrated platform is available, but the company has already taken steps toward this goal.
Topics: Big Data, Customer Analytics, Customer Engagement, Customer Experience, Mobile Technology, cloud computing, Analytics, Customer Service, Contact Center, CRM, workforce optimization, digital technology, Collaboration for Business
Using information technology to make data useful is as old as the Information Age. The difference today is that the volume and variety of available data has grown enormously. Big data gets almost all of the attention, but there’s also cryptic data. Both are difficult to harness using basic tools and require new technology to help organizations glean actionable information from the large and chaotic mass of data. “Big data” refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends and associations, especially those related to human behavior and interaction. The challenges in dealing with big data include having the computational power that can scale to the processing requirements for the volumes involved; analytical tools to work with the large data sets; and governance necessary to manage the large data sets to ensure that the results of the analysis are accurate and meaningful. But that’s not all organizations have to deal with now. I’ve coined the term “cryptic data” to focus on a different, less well known sort of data challenge that many companies and individuals face.
Topics: Big Data, data science, Planning, Predictive Analytics, Sales Performance, Social Media, Supply Chain Performance, forecasting, FP&A, Human Capital, Marketing, Office of Finance, Operational Performance Management (OPM), Budgeting, Connotate, cryptic, equity research, Finance Analytics, Kofax, Statistics, Operational Performance, Analytics, Business Analytics, Business Performance, Financial Performance, Business Performance Management (BPM), Datawatch, Financial Performance Management (FPM), Kapow, Sales Performance Management (SPM), import.io
The imperative to transform the finance department to function in a more strategic, forward-looking and action-oriented fashion has been a consistent theme of practitioners, consultants and business journalists for two decades. In all that time, however, most finance and accounting departments have not changed much. In our benchmark research on the Office of Finance, nine out of 10 participants said that it’s important or very important for finance departments to take a strategic role in running their company. The research also shows a significant gap between this objective and how well most departments perform. A large majority (83%) said they perform the core finance functions of accounting, fiscal control, transaction management, financial reporting and internal auditing, but only 41 percent said they play an active role in their company’s management. Even fewer (25%) have implemented a high degree of automation in their core finance functions and actively promote process and analytical excellence.
Topics: Big Data, Planning, Predictive Analytics, Social Media, forecasting, Governance, GRC, Human Capital, Mobile Technology, Budgeting, close, Continuous Accounting, Continuous Planning, end-to-end, quote-to-cash, Tax, Tax-Datawarehouse, Analytics, Business Analytics, Business Collaboration, Business Performance, CIO, Cloud Computing, Financial Performance, In-memory, Uncategorized, Accounting, CFO, CPQ, Risk, risk management, CEO, Financial Performance Management, FPM
The big data market continues to expand and enable new types of analyses, new business models and new revenues streams for organizations that implement these capabilities. Following our previous research into big data and information optimization, we’ll investigate the technology trends affecting both of these domains as part of our 2016 research agenda.
Throughout the course of our research in 2016, we’ll be exploring ways in which organizations can maximize the value of their data. Ventana Research believes that analytics is the engine and data is the fuel to power better business decisions. Several themes emerged from our benchmark research on incorporating data and analytics into organizational processes, and we will follow them in our 2016 Business Analytics Research Agenda:
Topics: Big Data, Predictive Analytics, Mobile Technology, Analytics, Business Analytics, Business Collaboration, Business Intelligence, Cloud Computing, Information Management, Operational Intelligence, Information Optimization