These days, Innovation is in the Cloud…

Innovation of technologies in the cloud has surpassed that of those technologies that are being developed just for on-premises. As a result, technologies in the cloud are evolving at a faster rate than ever before. Access to nearly unlimited computing power, endless storage and other resources, at ever decreasing costs from leading cloud vendors, is the accelerant fueling this rapid evolution.  

Advanced tools, new algorithms and a myriad of out-of-the box applications are being born in the cloud every day. These form the foundational building blocks used by leading companies to build solutions to the various critical business challenges they and their customers face. The cloud possesses a unique ability to bring together these best-in-class technologies, and to connect them simply and easily. Its ability to weave technologies together in a seamless way, to solve more challenging problems and to make these solutions more accessible than ever, is perhaps the cloud’s greatest benefit. 

Artificial Intelligence (AI) technology in particular has been supercharged by the cloud. As a key tenet of Prophix’ innovation agenda, we are investing heavily in the application of Natural Language Processing and Generation, Chatbots, Machine Learning, Anomaly Detection and Predictive Analytics to performance management challenges. These technologies, among others, are heralding the coming of the “Fourth Industrial Revolution”, a term coined by Klaus Schwab, a German engineer and founder of the World Economic Forum. He defined it as “a fusion of technologies that is blurring the lines between the physical, digital and biological spheres”. 

At first glance, these powerful technologies may seem unrelated. But together, they unlock the possibilities of delivering on Prophix’s vision of building Simple, Intuitive, Powerful and Intelligent performance management software. The key to achieving this vision is that, these key technologies need to be integrated into a simple, easy to use and unified experience. The cloud is the glue that makes this possible. 

We can choose the most advanced Chatbot engine to handle back and forth “chat” interactions with user, either through text or voice. This can be combined with the most effective Natural Language Processing platform to convert language into the instructions a computer can understand. We can then leverage both external data as well as the data already in Prophix, feed it into leading edge Machine Learning and Anomaly Detection algorithms to identify patterns and anomalies that can be used to make better decisions Prophix can then generate meaningful insights and present them to users naturally, using either text or speech or both, via the most fully featured Natural Language Generation tools. 

In the past, it would have taken a significant amount of development time and effort to connect all these disparate technologies together, if you could even integrate them at all. With the power of the cloud, it is possible to deploy a solution incorporating these technologies and bridge the gap between human and machine interaction, in much less time and with much less effort than in the past. 

This is the true essence of Prophix’s investments in innovation. Leveraging new technologies to change the way the performance management solutions work, to make them better, more useful and ultimately more accessible to our customers. 

I’ll be talking more about Innovation in the Cloud in an upcoming webinar, you can join me by registering here. 

Ronel Marbella

As Director of Product Strategy, Ronel is responsible for continually looking forward to shape the future direction of Prophix’s solutions and offerings. He has over a decade of experience in Business Strategy, Modeling and Planning with deep knowledge of Corporate Performance Management gained by working with many clients and customers across a broad range of industries worldwide.