Ventana Research recently published the findings of our benchmark research on Data Preparation, which examines the practices organizations use to accomplish data preparation. We view data preparation as a sequence of steps: identifying, locating and then accessing the data; aggregating data from different sources; and enriching, transforming and cleaning it to create a single uniform data set. Using data to accomplish organizational goals requires that it be prepared for use; to do this job properly, businesses need flexible tools that enable them to enrich the context of data drawn from multiple sources and collaborate on its preparation as well as ensure security and consistency. Users of data preparation tools range from analysts to operations professionals in the lines of business to IT professionals.
For several years, I’ve commented on a range of emerging technologies that will have a profound impact on white-collar work in the coming decade. I’ve now coined the term “Robotic finance” to describe this emerging focus, which includes four key areas of technology: Artificial intelligence (AI) and machine learning (ML), robotic process automation (RPA), bots utilizing natural language processing, and blockchain distributed ledger technology (DLT), each of which I describe below. Robotic finance will have a disproportionate impact on finance and accounting departments: I estimate that adoption of these technologies potentially will eliminate one-third of the accounting department’s workload within a decade.
Topics: CFO, ERP, RPA, AI, Machine Learning, Robotic Process Automation, Consolidation, Accounting, close, blockchain, bots, natural language processing, voice automation, Continuous Accounting, Reconciliation
Robotic process automation (RPA) relies on programming or the application of analytical algorithms to execute the most appropriate action in an automated workflow. RPA enables business users to configure a “robot” (actually, computer software) to interact with applications or data sources to process a transaction, move or manipulate data, communicate with other digital systems and manage machine-to-machine and man-to-machine interactions. This technology is gaining increasing notice by finance departments, with good reason: RPA represents an important step beyond simple process automation in that it uses software to execute routine but complex workflows that require judgment. Rather than making an individual check-off a step in a routine approval, a robotic system applies an algorithm that decides the next step. The system thus does what people spend an awful lot of their time doing every day: making judgments that most of the time could be done by a machine.
2017 has been a year of major changes in the contact center market: several significant acquisitions, vendors expanding their capabilities to support more channels of engagement, a continued trend to move products to the cloud and, as a result, more vendors expanding their global presence. One such vendor is NewVoiceMedia. When I last wrote about the company I pointed out that when it was founded in 2000 it was one of the first vendors to move telephony management to the cloud and offer contact center in the cloud services. At the time I wrote my perspective, it had just raised considerable funding to help it further develop the product and expand its presence around the globe.
I recently attended SAP TechEd in Las Vegas to hear the latest from the company regarding its analytics and business intelligence offerings as well as its data management platform. The company used the event to launch SAP Data Hub and made several other data and analytics announcements that I’ll cover below.
Prophix is an established provider of financial performance management (FPM) software for planning and budgeting, forecasting, analysis and reporting, and managing the financial close and consolidation process. Its eponymous software is designed specifically for midsize companies or midsize divisions of larger corporations. These organizations are a distinctive segment of the market in that they have almost all the functional requirements of large enterprises but have fewer resources to apply to these critical tasks. Fortunately, the evolution of information technology over the past decade has been especially beneficial to midsize customers, bringing them expanded capabilities, substantially better performance and greater automation of routine tasks at an affordable total cost of ownership.
Topics: Analytics, Business Intelligence, Collaboration, Office of Finance, Continuous Planning, Financial Performance Management, Price and Revenue Management, Work and Resource Management, Sales Planning and Analytics, Budgeting, Planning, Integrated Business Planning, Consolidation, accounting close, Reporting
2017 has been a year of major changes in the contact center market. There have been more acquisitions than in any year I can remember. There have also been more partnerships announced, which have at least in part been enabled by the advance of cloud-based systems. The move to the cloud has continued apace, along with the addition of new capabilities that allow employees to access systems from mobile devices. Vendors have of course announced many updates to existing systems, as well as exciting new developments around technologies such as video, collaboration, artificial intelligence, machine learning, predictive analysis and bots. Moreover, several new vendors have popped out of the woodwork with innovative new products.
I’m thrilled to announce to my HCM vendor and practitioner network as well as the ever-expanding Ventana Research community that I’m now directing Ventana’s HCM practice. I will be working closely with our CEO and Chief Research Officer Mark Smith, who is a fellow HCM enthusiast and thought leader.
Topics: Analytics, Cloud Computing, Collaboration, data science, Internet of Things, Mobile, Big Data, Machine Learning, Customer Digital Technology, Human Capital Management, HRMS, Learning Management, Payroll Optimization, Workforce Management