Business Intelligence for Finance
What is very often misinterpreted in standard Business Intelligence (BI) solutions is that BI can measure performance. BI can measure only for limited segment of non financial performance. Performance cannot be measured if Financial Statements are not included in analysis. Business performance cannot be measured if derivations of financial statements are not measured, analyzed, compared…
Keyword is always financial. If financial cannot be measured then it is not business performance measurement, it’s like talking about business performance without profitability… And to measure financial performance very specialized solutions are needed.
Business performance management consists of a set of management and analytic processes, supported by technology, that enable businesses to define strategic goals and then measure and manage performance against those goals. Core BPM processes include financial and operational planning, consolidation and reporting, business modeling, analysis, and monitoring of key performance indicators linked to strategy. Source: http://en.wikipedia.org/wiki/Business_performance_management.
FCBI is narrow BPM without applied methodologies. FCBI is integrated solution with specialized solutions for Finance and Controlling specifics. Controlling processes are essential part of Decision Supporting processes with specially designed BI – FCBI.
If dashboard does not rely on FCBI, then it could generate information clutter. What is the meaning of additional information that could not be aligned with financial statements?
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[...] Business Dictionary is process of communication improvement, especially with very detailed internal Information Reporting Systems with many production systems beneath. It is highly important to have unique dictionary at the level of company group inherited down to level of subsidiaries and offices. In certain cases it is possible to have several specialized and customized dictionaries but then integration must be done in quality manner. There are many terms like buyer, consumer, subscriber and similar that sound same but are different. Company board is than frustrated because board members take data from reporting systems from various production systems that belong to certain business unit. Top management meeting will discuss about data quality issues instead of staretgic decisions. Corporate Business Dictionary as common methodology vocabulary is essential and what is very important to be in production in all systems. Otherwise, bad definition will stay in systems and always cause defining problems in Business Intelligence for Finance. [...]
hi all master!
i comefrom Iran!
i’m C# programmer and i want use BI Technology in my Project but i don’t know how should start! and which book will be useful for me!
please help!
mail to me your offers
thanks allot
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Hi,
I recommend Business Intelligence group moderated by MAIA on Linkedin.com . This is very resourceful spot for Business Intelligence programmers including how to start, books, tools, recommendations, and etc.
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