Poll of 130 executives demonstrates the need for BI solutions to include an intelligence engine.
Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, today released the results of a new survey that found that 80 percent of companies currently using analytics struggle creating and updating their analytics models. Existing solutions do not have the intelligence engine necessary to analyze the data.
Eka surveyed 130 executives from agriculture, chemical, energy, metals, and consumer products companies and asked what their top analytics issues were. 80 percent of respondents cited creating and updating models to solve key business challenges as top issues. 84 percent of companies still use manual processes to integrate data from different systems throughout the value chain, and once they have the data they struggle to analyze it. What these executives need is a BI solution that can collect and blend data with a commodity-specific intelligence engine to transform the data into valuable, actionable insight.
“Eka Analytics adoption has increased significantly this year as companies recognize the need for a commodity-specific intelligence engine to turn volumes of data into useful information,” said Michael Schwartz, CMO of Eka Software. “The volume, variety, and velocity of information available is growing exponentially, but data loses its value if it takes days or weeks to collect data or build models to analyze it. Eka Analytics turns data into insight in seconds, enabling smart businesses to make better decisions faster.”
Eka Analytics’ intelligence engine uses artificial intelligence and machine learning to analyze massive amounts of data in seconds. The system automatically aggregates data from internal sources – CTRM, ETRM, ERP, CRM, treasury, IoT sensors, and spreadsheets – as well as external sources including weather data and market feeds. With Eka Analytics, companies gain answers to their most important questions in real time, not days or weeks later, enabling faster responses to market shifts.