By Nils H. Rasmussen, Paul S. Goldy, Per O. Solli
Flip storehouses of information right into a strategic tool
enterprise intelligence has lately develop into a be aware utilized by nearly each CFO, controller, and analyst. After having spent the decade enforcing company source making plans software program and different challenge severe recommendations, businesses now have huge databases with transactional info sitting of their computing device rooms. Now, ultimately, the know-how has reached some extent the place it really is attainable- in virtually genuine time-to fast and simply learn the monetary info within the company databases, so one can make extra clever enterprise judgements. This publication might help monetary managers comprehend the developments, expertise, software program choice, and implementation of economic enterprise intelligence (financial BI) software program. With a dictionary of industrial intelligence phrases, a accomplished checklist of Request for inspiration questions, and examples of renowned monetary enterprise intelligence reroutes and consumer interfaces, this publication permits managers to degree their businesses' company intelligence and maximize its price.
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Additional resources for Financial Business Intelligence: Trends, Technology, Software Selection, and Implementation
Almost contradictory to the “information overload” described above, although managers get a lot of pages of reports, there is also a lot of information they do not get. Even with hundreds of reports produced every month, it is virtually impossible to print enough reports to provide all the different views a manager might need to see to understand why certain variances or trends occur. Even though the information is available in the underlying production databases, it would simply be too many reports if every possible combination of information were printed.
A balanced scorecard provides a means for linking the strategies of the different business areas within a corporation to the overall corporate vision. The term and methodology was introduced by David Norton and Harvard Business School professor Robert Kaplan back in 1992. They had found that the typical financial reports most companies were churning out did not provide management with enough information to run their companies. Instead of just reporting of the account numbers in the general ledger, Norton and Kaplan suggested that management focus on the key performance indicators, whether financial figures or statistical figures, that really drive their business.
He also stated the following: “The Virtual Close . . ” An increasing number of organizations will weigh the cost of potential poor decisions based on lacking or erroneous information against the cost of late decisions. As the world goes more online every year, and the global marketplace becomes more competitive, we will see that a large number of companies will strive toward achieving real-time reporting. BI and Balanced Scorecards What is a balanced scorecard? A balanced scorecard provides a means for linking the strategies of the different business areas within a corporation to the overall corporate vision.