The Dawn of Enterprise Performance Management Built for the Cloud
As recently as last year, companies invested more than $20 billion in business intelligence (BI) tools. Why? Because if the company can’t perform, it perishes. Companies must be able to make informed decisions that drive business performance in line with their strategic goals.
However, companies can’t confidently move forward if their BI tools can only deliver a look back at past performance and historical data. They can’t execute efficiently or consistently if only a few power users have access to critical data locked away in complicated customized spreadsheets. And they can’t wait weeks for IT to generate reports such as what-if models of a new forecast scenario or a risk impact analysis of a new product launch.
Turning the Perspective Around
Performance management through traditional BI tools is getting nearly impossible. Today’s data explosion is being driven by billions of transactions per day and a flood of unstructured data that contains valuable—but largely uncaptured—contextual information that is critical for up-to-the-minute decisions. Yet traditional BI tools are typically slow, reactive, and historical in perspective. They lack the ability to include risk and compliance concerns in their analyses. And too often, they are fallible because they are based on multiple versions of the truth that exist between siloed LOBs. The result is often gut-driven guessing—instead of data-driven decision-making.
Being competitive today requires empowering business people at all levels and across LOB silos to make decisions collaboratively. They need real-time data with context so that they can look forward. And they need business answers to business questions—not spreadsheets and matrices translated from SQL. Enterprises realize their dilemma. BusinessWeek, Forbes, HBR, or IT analysts like Gartner and Forrester conclude that corporate executives rank BI & Analytics as the #1 initiative to improving their companies’ competitiveness.
What We Did About it
You’d think our industry would have innovated its way forward by now. However, industry consolidation has distracted companies from innovation over the past few years. And after the acquisition dust settled, what remained were disjointed portfolios of overlapping products, numerous re-platforming exercises, multiyear roadmaps, and huge license cost increases.
The Tidemark team knows because we were there. All of us were part of the teams that brought Hyperion System 9, OutlookSoft 5, SAP EPM 7.5, and Oracle EPM 11 to market. With the technology of that time, we created leading products and helped more than 5000 companies improve performance management. Our mission was to ensure that customers could leverage intelligent applications to drive better performance through their business processes. However, consolidation at the expense of innovation stopped that mission in its tracks. And since then, other trends, such as the consumerization of the enterprise and cloud-based business models, created new opportunities for us. So we simply attacked customers’ performance management problems by going back to the drawing board.
The Customer Is Always First
We founded Tidemark and began a rigorous customer development process that makes our customers the foundation for everything—from product design and development to a relentless pursuit of customer success. We interviewed over 90 companies of all sizes and industry segments. We met personally with 30 to identify and understand their performance management processes and challenges.
Every company had the same issues with their legacy on-premises solutions. They were unable to:
- Perform operational planning because of large volumes of multidimensional detailed data
- Model scenarios to better understand risks and opportunities
- Improve performance because of stale, backward-looking reports
- Reach all of their decision-makers with critical, actionable information because their BI tools lacked modern and mobile interfaces
We chose three companies to work with us as early customers to gain in-depth understanding and to create rich blueprints of the DNA of their businesses.
The DNA of A New Approach
We quickly realized that we would have to build enterprise performance management (EPM) for the cloud. In addition, we created solutions that:
- Are easy to use for any business person, so that no training is required
- Provide a simple, modern interface
- Run equally well on every web browser with no plug-ins, as well as on any mobile device
- Allow business people to easily create a full spectrum of applications from a large library of prebuilt components and configure them quickly into coherent business processes
- Allow business people to include performance, risk, and compliance data in their applications
- Are really, really fast despite working on high volumes and diverse types of data
- Natively handle cloud and on-premises integration without forcing rigid and unchanging schema definitions at the outset.
- Deliver all of these capabilities and continuous innovation at a fraction of the cost of legacy on-premises systems
Critical business decisions you make today can result in massive market share increases or being acquired. Without real-time performance management for everyone in your organization, decisions are likely to be sub-optimal. Welcome to Tidemark—enterprise performance management built for the cloud. Now you can drive predictable performance, smarter decisions, and better results to outperform your peers.
Your trusted advisor in helping you compete in the 21st century.
Christian and Tony