BI Trends for 2021 – 5 of 9

Drum roll please:  Number 5 Trend.  Here we discuss having accessing to accurate data so everyone can leverage a unified source of truth using Phocas Software.

In 2021, speed will continue to be an important characteristic of successful companies.

For businesses to meet the needs of their customers and adjust to changing landscapes, they will need access to relevant and accurate data. Data will reduce decision-making timeframes and empower more people across the business to make decisions.

Decision-making has often been left to the top-tier levels of management because they were most often the ones with access to the information. 

In addition, many complex ERP systems and technical reporting systems require dedicated IT staff who control most data analytics and reporting functions. These specialists become the internal champions for the solutions and the bottlenecks who impact how quickly information flows throughout the organization.

As the pace of business has increased, organizations recognize how important data has become to more functions across the company.

As a result, they entrust their people with secure, role-based access to business data, and the tools they need to dig in and find value in the information. The number of people accessing and analyzing information that was previously limited to only a select few will continue to grow, further centralizing the decision-making around a single source of truth.

Organizations will be more successful in the future when their frontline workers have access to accurate information and are empowered to make decisions. Providing the information and decentralizing the decision-making will help alleviate overtaxed IT teams, reduce the management burden and dramatically reduce decision-making timeframes.

To learn more about MCLOUD3 and Phocas Software us at info@mcloud3.com or visit our website by clicking here.

Written by Phocas Software