Tidemark, maker of modern cloud-first business planning and enterprise analytics solutions, announced it has added a new and innovative collection of features that brings advanced analytics to the office of finance.
Available immediately to all Tidemark customers, the new capabilities enable decision-makers to identify what factors impact the business and in turn determine what focus the business must have, and then incorporate real-world risks to develop accurate forecasts that lead to better decisions.
By letting users focus on outcomes rather than focusing on complex statistical calculations, Tidemark Advanced Analytics delivers an industry first: putting intuitive statistical analytics into the hands of every manager and stakeholder in the business. This leads to more accurate plans and risk-adjusted forecasts that incorporate the data most likely to influence outcomes, while sifting out confusing or misleading correlations that too often leave managers drowning in data.
CFOs are increasingly looked on as strategic partners in management, but existing planning and analysis tools are making it impossible for them to fully live up to that role,” said Christian Gheorghe, founder and CEO of Tidemark. “They find themselves unable to pinpoint the key factors affecting their business, unequipped to leverage advanced analytics that would improve their business decisions and the accuracy of their plans, and powerless to engage stakeholders beyond basic FP&A functions. The Advanced Analytics innovations we’re announcing today are specifically designed to help CFOs overcome these obstacles.”
Tidemark’s advanced analytics helps enterprises:
- Quickly and easily identify business drivers and risks. Today’s finance and operational executives can’t allocate resources strategically without the ability to understand which specific factors impact the business. While these capabilities have been available in other systems and tools, they were always separate from planning solutions and processes – and designed only for use by statistical experts and data scientists. With Tidemark, managers leverage the company’s in-memory computational cloud to understand advanced statistical metrics, such as coefficient of correlation, so they can identify what is really driving the business and what poses the greatest risk. For instance, a product manager can accurately identify which activities correlate to higher costs for specific products. Pinpointing activities that increase costs can help boost profits on products that don’t require those activities. This can also be used for better cost allocation in driver-based profitability models.
- Intuitively run scenario analyses and what-if modeling based on data context. Tidemark also informs analysis using not only data from internal systems but also contextual data from multiple external sources – including social network activity, commodities pricing and market trend data – that adds more meaning and relevance to performance metrics. Using both internal and external data, users then can run regression analyses to improve the accuracy of their forecasts. By integrating this advanced, contextual analysis within recognized planning and forecasting processes, Tidemark makes it easier for managers to focus on the right factors at the right time and within the right process. For example, a management team can reduce churn by exploring various hiring options, such as hiring more people in other locations or increasing their spend on retention programs. Using Tidemark’s advanced analytics, they can uncover correlations between local job creation and employee churn rate, and then run a scenario analysis to determine whether investing in hiring or retention would deliver the best results.
- Democratize analytics to include more business users – not just the experts in finance. Tidemark’s intuitive, consumer-like user experience puts all of the capabilities of Advanced Analytics into the hands of product managers, operations personnel and more. Using Tidemark’s flexible process-based planning capabilities, no-cubes paradigm and cloud-first computation services, enterprises no longer must depend on specialized data science expertise or hard-to-use statistical tools. Now business users can immediately incorporate the statistical insights gained from correlation and regression analysis so they can more easily focus on the impact of a few key risks, resulting in plans they can act on with confidence. And because Tidemark software is inherently collaborative and designed for use on mobile devices, business users have access to these crucial insights anytime, anywhere, and can easily collaborate with colleagues or finance personnel whenever they need to.
Learn more about how Tidemark is helping companies transform their financial and operational planning with Advanced Analytics HERE.
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