Business intelligence or BI for short refers to the technologies, skills, practices, applications and solutions that are now used in order to help a certain business to get a hold of better understanding regarding its commercial context. There are also some people that pertain to business intelligence as the act of collecting the relevant data so that they can turn into business benefits in no time. The data are then turned into information, which the business will use so that they can distribute them to the right people in the right format to make decision that will drive business gains. Now the question is: what is business intelligence for financial? Better yet, how do you measure your company’s BI in terms of financial matters?
Most people do not really know how to answer that due to the fact that the organization that they are working on is just about to get into that field. Even though this is the case, there is a great need for them to learn more about the financial business intelligence. So what is this? In general, this is the process that involves getting sets of information that are useful. These groups of information are not just any other type of data that they encounter because they actually come from financial data. Now, onto the next question: how do you measure this BI? The answer can be simplified by making the big picture smaller. You will have to include objectives that will allow you to create a vision that involves financial leadership, coach your company to set rational goals and support the best possible decision making processes.
So now you may wonder why you should make use of the business intelligence for financial when you have your information system department to provide you with new details. Well, if you have been running and managing you company for quite some time now, you will find it tiring to as your IS department whether there are new sets of information available right? In addition, what you may have been asking for may not be the ones that they will provide you with. Everything could have been perfect if your IS support staff knows and understands the difference between credit and debit and the YTD or the year to date balances but clearly, this is not a necessity for them. You will have to hire specialized IS personnel that has knowledge on these aspects, which is of course a costly feat. This is where the financial BI enters.
Since it is hard or even impossible for you to meet the needs for updated and fresh information in every department, the business intelligence for financial is your solution. The proactive approach here is to make sure that your financial department is self supplied with well-timed financial details and data that are of better quality so that they will be able to meet the boundless request for new and more information. Bear in mind though that there are quite a number …