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Pronounced technological advances are allowing finance professionals to benefit in new and exciting ways and using performance management software to deliver financial excellence is one. Cloud software applications provide access to enterprise performance analytics anywhere and a cloud platform allows software providers, such as Trufa, to rapidly iterate its software and seamlessly deliver functional enhancements. Additionally, the convergence of two mega trends, big data and machine learning, are fundamentally changing the performance management game. Enterprise (or ERP) data sets are massive and growing exponentially. “Some of our largest customers have ten billion transactional records in their data sets and they are adding 10 million records per day. It is only because of “big data” capability and our machine learning software were we able to create the Trufa Performance Management Machine.” This performance management software dives into all of the transactional data and autonomously identifies and recommends the actions to take to drive performance improvements.
The results of these new technology enabled capabilities are readily apparent in Trufa Performance Management Machine, about which Plug informs, “Collectively, this machine drives performance improvements worth billions of dollars to the Global 10,000.
Our solutions allow companies to better understand their operations and identify ways to improve operations that result in higher profits and improved working capital
Giving a comprehensive explanation on “three elements” of Trufa Performance Management Machine, Plug describes the ability to identify what’s going wrong, or diagnostic analytics, “While most people stop at identifying unfavorable outcomes, our software goes deeper and identifies the business process characteristics that drive those outcomes.” In such scenarios, predictive analytics scientifically predict the gains that could be achieved if certain performance parameters were improved. “For example, if a company increases the frequency of its on-time delivery from 50 to 60 percent ,it is more likely that customers will pay more quickly, meaning greater free cash.” The last element, prescriptive analytics, Plug says helps companies identify, “what to do” and “where to act” to improve those underperforming processes, and harvest the productivity objectives uncovered by predictive analytics.
While big data and machine learning are major value drivers of Trufa’s solutions, Plug expects eventually other solutions will have them. “We are the only one today to leverage them and we deliver a purpose built packaged app that delivers results within seven to ten days,” concludes Plug.