Having meaningful, trusted and current data the moment you need it is invaluable when making decisions. Business leaders driving decision-centric processes should be leveraging information gathered from outside the company, as well as comprehensive knowledge that is generated internally, for true data-driven decision making. But, connecting and linking the information gathered from these different sources to identify impactful shifts and trends is an area where most organizations struggle.
Sopheon’s product development team has incorporated a predictive analytics and knowledge discovery capability into Accolade 11.2* called Accolade Insights, which enables the ability to easily obtain actionable insights from trusted internal and external data.
Increased Efficiencies and Time Savings Combat Common Enterprise Challenges
Many companies encounter redundancies in their innovation efforts. An often-recurring theme we see is “we don’t know what we know.” When organizations do not collectively tap into and share the knowledge that business units and individuals have already garnered, time and money is wasted on:
- duplication of work that has been done before;
- recreating experiences that have been ‘lost’ with employee turnover;
- repetition of the same mistakes project after project because lessons learned are not codified and shared; or
- a lack of awareness of technology or other developments that could be repurposed to shorten the time required to develop breakthrough innovations.
Accolade helps organizations combat these challenges. By automatically capturing cross-functional activity and learnings, data sets become rich assets for reuse. Using patented advanced search methodology, Accolade Insights auto-discovers and extracts this cross-functional legacy knowledge and introduces project leaders and team members to:
- Similar legacy projects or projects in progress
- Relevant deliverables, activities, and related documents
- People who have experience on analogous projects or topics
- Highest rated work products for reference purposes
This knowledge discovery functionality enables efficient collaboration by unearthing existing technologies, process, learnings and documents for reuse, helping to speed up the project completion timeline.
Improve Portfolio Performance and Business Forecast Accuracy with Embedded Monitoring of Critical Success Factors
Accolade Insights helps companies leverage macroeconomic and other external data that affects the success or failure of a product, and combine it with product-specific, internal information for real-time visibility to the health status of projects, products, portfolios and markets. Through live monitoring of these Critical Success Factors, together with automated alerts when these factors meet or exceed predetermined values, Accolade Insights supports preemptive risk mitigation and proactive management of the core business assumptions of each business case. The accuracy of revenue and profit forecasts is improved, resulting in a higher level of success
All of these benefits are equally applicable to the management of new product introductions, in-market products, product lines and market segments.
Connecting Insights to Action
When the organization is digitally connected and working from a single source of truth to make informed decisions, it creates the right conditions for maximizing agility, speed to value, and achievement of strategic objectives. Contact a Sopheon representative today to learn more about Accolade and how it can support your company.
* Accolade 11.2 with Accolade Insights is available immediately for upgrade, purchase and implementation. All Sopheon Accolade customers who are current on Maintenance and Support program fees are entitled to receive updates to their currently licensed products for this and future release upgrades.