In a time when the world and economic impacts seem to be changing daily, it is more important than ever that leaders who are charged with making decisions on behalf of their organizations have real-time access to data on a single platform to facilitate quicker and more decisive decisions in days – not weeks or months. It can be the difference between thriving or even surviving in an economic downturn or becoming a target for acquisition.
Industries, such as oil and gas, utilities, and manufacturing are facing disruption at an accelerated pace. In 2020, we've seen an unprecedented impact on global supply chains. Manufacturing lines in China are producing less, there's a limited supply of raw materials, port congestion, and fewer logistics options to move materials on a global basis. These are just a few examples of current disruptions. The need to act quickly and forecast multiple scenarios can be complicated when performed across regions, large organizations, and capital decision making.
Although various stakeholders within an organization, from the C-suite to lines of business, have different needs from both a timing perspective and level of detail, data silos and aging systems remain huge barriers to faster execution. Decision latency stymies an organization's ability to pivot and adjust to new market conditions.