Performance management software – improves data analysis
2 July 2021
Performance Management Software improves data analysis
The second major benefit of strategic performance management software applications is the ability to analyze performance data much more effectively and comprehensively. The interactive drill-down capabilities described above are the most intuitive way of exploring and analyzing strategic performance data. However, many of the strategic performance management software applications provide much more sophisticated analysis features, such as:
- Drill-downs
- Data visualization (including comprehensive graphing)
- Trend analysis
- Impact analysis
- Correlations and regression analysis
- Multidimensional OLAP analysis
- Simulation and scenario features
Using performance management software to visualize data in more graphical formats can be very powerful. In the section above I have described how entire interactive value creation maps can be visualized. Nowadays, many of the software applications come with powerful graphic capabilities that go far beyond what ordinary spreadsheet applications can deliver.
The other important analysis performance management software can provide is impact analysis or the assessment of correlations or regressions in causal models. If organizations have created causal value creation maps or other cause-and-effect logics, they are then able to use the data to ‘test’ and validate their assumed relationships.
Often, performance management has to be viewed from different perspectives and a sophisticated technique is needed to explore accumulated data, and software can help with this. Multi-dimensional analysis tools usually perform this task. With them, data can be stored and examined in a multi-dimensional format similar to an ordinary spreadsheet, but in more than two dimensions. These tools are linked to a graphical user interface (GUI) which provides the results on the computer screen presented in tables or graphs.
Related Articles
Why Every Brand Must Create Immersive Experiences For Their Customers
Are we becoming less material? It certainly seems that way. Research shows that today’s consumers increasingly prioritize experiences over material goods[...]
Why Every Business Must Consider The Platform (or C2C) Trend
It’s where customers connect with other customers to communicate or trade goods/services, usually via an intermediary platform like Facebook, Uber or Etsy.[...]
How Will Manufacturing Companies Use The Metaverse?
Manufacturers are already using metaverse technology to speed up product design, train employees, and streamline processes. What is the future of manufacturing in the metaverse?[...]
Why Every Business Must Embrace Personalization And Micro-Moments
The successful brands of the future will be those that can identify customers’ needs in the moment, and respond to those needs with thoughtful, personalized solutions.[...]
Future Proof Your Business With AI In Products And Services
There’s really no escaping artificial intelligence (AI) and the Internet of Things (IoT). It seems pretty much anything can be made smart these days – and that goes for services as well as products.[...]
The 4 Biggest Future Trends In The Financial Sector
And our relationship with money – how we use it, who we trust to look after it, and how we as financial customers expect to be treated[...]
Stay up-to-date
- Get updates straight to your inbox
- Join my 1 million newsletter subscribers
- Never miss any new content
Social Media