Finance department is uniquely positioned to do so, simply because finance department sits in the nexus of the information of the corporation. Continuously collecting data from across the organizations, enables finance to get the full picture, if they have the means to analyze large amounts of data from different systems, with different formats and different timestamps. A daunting task, when the only tool you have is oceans of spreadsheet and unaudited of Macro.
Typical areas that Business Intelligence can help finance departments are:
* Financial reporting and analysis
* Budgeting and forecasting
* Profit/loss analysis
* Regulatory compliance and reporting
And more.
Business Intelligence systems benefit organizations by helping put accurate and timely information at the fingertips of decision makers. Undoubtedly some of the most important corporate decisions relates to customers, sales and financials. It should come as no surprise that most common applications of Business Intelligence are related to these subjects.
The previous post Transactional/operational … enlisted the differences between a transactional databases and data warehouses. This posting will explore the benefits of Business Intelligence (BI) systems. Although, commonly used business applications such as MAS 90, salesforce.com, SAP, QuickBook do provide access to data and could produce large sets of reports, but they are designed to [...]
This is a question that I have been asked a lot. In a nutshell, transactional/ operational business systems maintain records of daily business transactions whereas a Data Warehouse is a special database that serves as the integrated repository of company data, for reporting and decision support purpose. There are at least three fundamental differences between [...]
Renewed focus on corporate transparency and fact-based decision making has put Data Warehousing and Business Intelligence systems implementation in the top 5 priorities of IT departments. Tools such as balanced scorecard, management dashboard, and data warehousing software are used to enhance enterprise business intelligence so that companies can understand and react to circumstances and opportunities [...]
