IDC’s latest research reveals that the competitive value of business analytics – a set of technologies and processes that encompasses data warehousing, business intelligence (BI) tools, and advanced analytics – is increasing in the Asia/Pacific region. CXOs, with a point to prove in terms of delivering quick ROI and value to their businesses, are considering investments in this area to help address some of the challenges that they face while operating in today’s uncertain economic environment.
According to IDC, the CFO's office has been one of the key stakeholders in the evolution of business analytics; the finance department is starting to see the benefits of budgeting and planning tools as part of a broader performance management framework to drive operational efficiency throughout the organization.
“Over the years, organisations have spent a lot of time and money on capturing and storing data as part of large-scale data warehousing projects," says Philip Carter, Associate Practice Director for IDC's business analytics practice in Asia/Pacific. "Moving forward, companies need to start developing this data into real 'intelligence' by offering it to a broader spectrum of users, as well as leveraging forward-looking predictive analytics to drive competitive advantage in the market where there is a potential recovery in the short-term.”
The move of business analytics into broader mainstream adoption in Asia/Pacific can also be attributed to the pervasiveness of business intelligence. According to IDC, the performance, availability, and user interfaces of BI solutions in the market have improved significantly over the years. This enables deployment of decision support and automation functionality to a broader spectrum of users. In turn, it has raised the visibility of BI across various departments and most importantly, at the boardroom level, which has helped to break down the “information silos” that tend to persist in organizations moving down this path.
Another key driver is that more advanced and sophisticated forms of analytics solutions such as risk management, resource optimisation, and demand forecasting are actively being implemented by certain organisations in the region. Some of these deployments are embedding components of the analytical functionality into operational applications in what IDC sees as early signs of a shift towards its vision of Intelligent Process Automation – enabling front-office employees with better decision-making power to direct increase revenue and cut costs.
CFO innovation Asia Accounting and Regulation the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Accounting Regulation, IFRS, US GAAP, Tax, investor relations, corporate governance, Corporate Law, Financial Regulators, Internal Audit, Audit, Corporate Law.
CFO innovation Asia, Finance and Banking the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Corporate Finance, trade finance, treasury and risk management, capital expenditure, Banking, mergers and acquisitions
CFO innovation Asia the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Finance Management, Corporate Governance, Human Resource Management, Compensation and Benefits, Mergers and Acquisitions, Professional Development, Corporate Real Estate, Risk Management, Budgeting and Forecasting, Business Process Management, Business Process Reengineering, Outsourcing.
CFO innovation Asia Technology the Asia Pacific resource center for senior finance executives, daily news, analysis, best practice and case studies in Finance Systems, Business Intelligence, EPR, Accounting software, CRM, Cloud Computing, Telecommunications, Business Process Outsourcing, Business Process Management Software.