Every company is wrapped up in their own data. How do we capture our data? How do we analyze our data? How do we report on our data? It seems like the ultimate goal in many companies is how to report on their data and get through the monthly meetings with a pretty presentation. Read on to learn about Cognos TM1 and how to Incorporate Planning Data.
We’ve all heard the analogy that when you have a reporting package without incorporating a forecasting/planning package, it’s like driving with your eyes focused on the rearview mirror and not on the road ahead.
Cognos TM1 is a great product to get your planning incorporated with your reporting to bring your data together in order to plan your roadmap ahead. But there is still a piece that many companies are missing in tying this data together. While you might be the lucky one that is the only car on the road when commuting to work, no one company is the only car on the road in their industry.
Get your side view mirrors adjusted and start leveraging Cognos TM1’s strength by adding to your model ways to incorporate competitor and industry data as well. Granted, it’s not always easy to get the data if a competitor is not publicly traded, but there are many ways to get general industry data with a bit of due diligence.
Since internal resources may be very lean, this may be a task that you incorporate for quarter ends and something that Accounting may help Finance with between close periods. When you begin seeing the data side-by-side you may be amazed at what you find.