Cognos TM1 is the next generation of planning analytics by IBM that is available for use in all formats in the cloud on premises and also in hybrid environments. This enterprise planning software platform has the potential to transform the entire planning cycle of an organisation right from analysis and forecasting to target setting, budgeting and reporting.
Due to the increased demand for the software in the industry, a plethora of Cognos TM1 careers have surfaced that fetches handsome remunerations.
By making use of this excellent tool, the organisations can collaborate on their plans, their budgets and also their forecasts. It gets easier to analyse the data and then create models for the ever-evolving business environments. It is applicable in different industries that have varied requirements and source systems as it works independently irrespective of the industry, their requirements, and the source systems. It has always proved itself to be a stable and robust solution for the various industry needs.
To understand it better, let us consider the case of an automotive company say X. Now, this X is globally present and needs to adjust its production scheduling so that it can optimise its operations and capitalise on the emerging opportunities. For this, it needs all its individual subsidiaries and related departments to be on the same page of analytics planning. These subsidiaries in absence of any centralised tool depend upon the localised solutions for its planning and analysis that is primarily done through spreadsheets. If this company implements Cognos TM1, then these different data sources will vanish and all data, which can be models, makes, contracts and various currency rates etc. will be collected in a central data warehouse. Before the planning processes begin, this data will be checked for duplication and independence.
Thus, the data available now is reliable and consistent throughout and enables greater transparency when it comes to the planning and analysis activities. The staff has access to compare current data against targets quickly, easily and efficiently. For instance, now they can see the wholesale and retail figures of a specific location, and then match them with the inventory hence leading to optimised operations.
The tool is not limited only to operational optimisation, but it can also be implemented for financial planning processes, thereby boosting the profitability.