The AI/ML techniques help address three critical issues faced by business users across business functions – complexity, quantity and accessibility issues that make transactions time-consuming.
Complexity: As data grows in volume, it becomes increasingly complex for varied reasons. EPM systems must be upgraded to acquire information from multiple data sources coupled with unique protocols - an expensive and time-consuming process. With AI/ML, systems acquire the ability to adapt themselves, as needed.
Quantity: IoT and Big Data technologies are here to stay and it is clear that the volume of data will grow exponentially as usage of these technologies accelerates. Addressing this diversity of data to extract meaningful insights in a cost-effective way will require automation. AI/ML guarantees elimination of mundane, repetitive, manual, task-based, non-value-added work required in connected EPM systems.
Accessibility: AI/ML addresses data-accessibility challenges in two ways: by making it easier to search and use information in the system, and making the information more accessible to users across the organization.
The EPM market is witnessing the rise of many entrants who are adding AI/ML capabilities to their EPM platforms. This is creating competitive distinction between incumbents and entrants. Despite the growing capabilities across market players, major challenges exist:
• Companies need to ensure their most important asset - their people - are given enough time and resources to adapt and become equipped with requisite skills for the new opportunities that AI will create in connected planning.
• Moving into a fact-based decision-making mode changes the nature of an organization. Organizational changes are tough to manage and the intelligent enterprise will be able to absorb the changes by deploying a structured approach for workforce augmentation.
• Data quality forms the crux of successful use of AI. This means organizations will need to have better control on their data. Data mining, cleansing, integration, and management will become more important than ever.
Leveraging EPM revolution to create an intelligent enterprise
Organizations that are in the process of transforming need the support of a new EPM solution that is responsive to the needs of business users. At the same time, the EPM must keep an eye on emerging technologies like artificial intelligence, machine learning, integrated analytics and business intelligence, to accelerate data understanding and augment decision-making. Organizations in need of reliable, accurate and adaptive planning and performance management systems should proactively assess connected EPM solutions underpinned by AI to power their enterprise growth strategies.
The current revolution in the EPM marketplace addresses the ways organizations want to minimize and rationalize IT footprints and infrastructure while delivering greater value and insights. Cloud adoption, investments in emerging technologies, TCO reduction, and securing data and systems to ensure compliance must therefore become key management priorities for IT leaders looking to enable an intelligent enterprise for business leadership.