These limitations affect their financial results and delay the implementation of much needed action to improve their overall performance.
Business Intelligence tools allow an organization to take all its business data and convert it into knowledge, which in turn can lead to the development of new opportunities. Identifying these opportunities and implementing an effective strategy can provide a competitive advantage and long term stability for an organization.
Business Intelligence technologies aggregate the data housed in a myriad of systems and provide insight about historical, current and future views of business operations. This data can support better decision making because it is objective and provides insight into business performance. With business intelligence tools, financial managers are able to:
- Plan, budget and forecast accurately on a periodic or continual basis.
- Consolidate financials and deliver timely reporting.
- Utilize financial analytics and dashboards for deeper insight into financial processes, establishment of performance metrics and KPI management
- Provide solid financial governance, risk management recommendations and compliance
- Scorecard creation and management and insight into effectiveness of strategies.