Although there are many Business Intelligence and Business Analytics tools out there, they are definitely not all created equal. In order for your Business Analytics tool to help you maximise the value from your financial information, you need to ensure that the product is well established and can deliver innovative reporting to both management and the business as a whole.
A high quality Analytics tool will deliver true slice and dice capabilities around the financial information held within your existing database, allowing you to answer any deeper question you might have.
In order for it to deliver true value, it needs to be extremely user friendly and offer both a real time view and rapid analysis of your data.
It should provide dash-boarding capabilities at the click of a button, and require no IT involvement to configure and deliver quality reporting; saving your team valuable time.
It should come standard with a preconfigured set of models integrated with your database and deliver immediate added value to users; and be easily customised to meet specific needs of individual clients.
In today’s mobile work environment, it should also allow for the availability of data off-line and have a facility to replicate the database to your local pc or laptop and allow for the continuation of the analysis off-line.
An added bonus would be the inclusion of a limited top down budget approach, ideal for the quick re-forecast type environment, where there is a requirement to amend some figures at a high level and then ripple the effect of these changes down to the lowest account cost centre combination by month.
The Analytics should link across your existing software modules, exposing all tables to the application and enabling complex analysis across Sales, Asset and Financial tables where these are in use.
The Analytics tool you choose should be extremely flexible and allow you to easily analyse different components of your business. Ideally, the business providing your financial software should be able to offer you a high-quality tool or module that easily integrates with your systems and helps you to gain insights from your financial information to inform your business decisions.