The Death of Business Intelligence

Top 5 uses of BI in the finance department

Posted in Uncategorized by TheLondonEconomic on July 3, 2013

Business intelligence (BI) is integral to corporate financial performance. We look at five areas in which BI is taking on a prominent role.

Financial professionals are increasingly turning to business intelligence (BI) systems to consolidate data from multiple sources and perform analyses of corporate financial performance, but how is the technology being put to use and in what ways can BI aid your financial duties?

For contemporary corporates, information is the engine that drives growth. BI is a vital tool for transforming data into actionable information and for deriving knowledge from disparate data sets, and its widespread use across a variety of industries is validation that no matter what field a business operates within, data is playing an integral role.

According to a new study from Cisco, the Internet of Everything (bringing together people, processes and data) will lead to an accumulative $613 billion in global profits this year because of improved operations, customer  service and other benefits. The index study of 7,500 global businesses in 12 countries found data was becoming “increased in value as ‘everything’ joins the network”, which means data management cannot be overlooked.

Finance directors are becoming prime users of corporate, business performance management. Data tailored to meet the demands of the finance function enables professionals to deliver timely and accurate information to drive business decisions, which is revolutionizing their role within the boardroom. As leading providers of business intelligence, performance management and structured financial operations solutions, we take a look at five ways in which new technologies are being utilised within the profession.

Planning, budgeting and forecasting

BI is increasingly being used in the contribution, aggregation, manipulation and approval of the financial plan, often on a continual basis. Once viewed as a periodic element of the business process, the financial plan has become a living, breathing thing within the corporate sphere, and continual updates using up-to-date information allows the company to keep on track of all developments.

Financial consolidations and reporting

Legal and statutory consolidation systems, along with more generalised financial statement generation capabilities, are in vogue as compliance and regulation play a bigger role within company processes. As a matter of best practice, regular reporting and data consolidation are becoming key.

Financial analytics and dashboards

Data management has been transformed from a passive noun to an active verb. Instead of simply hoarding information, companies are now looking at profitability applications, role-specific dashboards, metrics, and specific financial analytics to generate detailed financial processes.

Financial governance, risk management, and compliance

Financial governance and control requirements – particularly as companies work across borders – is important in enabling companies to comply with diverse reporting standards.

Scorecards and strategy

Technology is being utilised to generate methodology-based scorecards, such as the balanced scorecard, and strategy management applications, to give better insight and drive business decisions.

DSPanel

DSPanel is a leader in end user focused business intelligence and structured financial planning technology. They use BI technology to enable organizations and individuals to create dashboards and ad-hoc analysis that can answer any question, facilitate collaboration and enable smarter decisions.

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