The New Era of Business Software and Reporting
If you hear the words “business software” and “reporting,” binders full of charts, spreadsheets and footnotes could come to your mind. Perhaps conference rooms crammed with executives grinding through slide presentations. What’s missing is the potential for creating value for businesses.
This is changing because of a few digital technologies that are collaborating to revolutionize the future of reporting. Machine learning and cognitive tools will take over much of the tedious work of gathering data, making reports, and disseminating reports. This allows humans to perform more interesting tasks.
Utilizing pricing based on usage can also assist teams in gaining more value from their data. This method allows businesses to better connect the value of data to their spending by reducing the cost of accessing it.
Software companies must reconsider their fundamentals for creating and distributing their products, as well as charging for their products if they are hoping to compete in the Age of Connected Work. In this new era, the winners will redefine what is a company that is product-driven in the fullest sense of the word. They’ll make use of their products to help drive retention, acquisition and growth. This will require a re-established strategic focus and a willingness to expand their “as-a-service” offerings beyond membership rates. It will also require the integration of PLG into the way they develop and deliver their products. To remain ahead of the pack companies must create a comprehensive ecosystem that includes strategy, stewardship and architecture, along with management, to harness data.