By Murugan Anandarajan, Asokan Anandarajan, Cadambi A. Srinivasan
Modern companies generate large volumes of accounting info every day. the hot developments in info know-how have given firms the facility to catch and shop those facts in a good and powerful demeanour. besides the fact that, there's a widening hole among this knowledge garage and utilization of the knowledge. company intelligence options may help a company receive and strategy appropriate accounting information quick and price successfully. Such strategies contain, question and reporting instruments, on-line analytical processing (OLAP), statistical research, textual content mining, info mining, and visualization. Business Intelligence thoughts is a compilation of chapters written by way of specialists within the quite a few components. whereas those chapters stand in their personal, taken jointly they supply a entire evaluate of the way to take advantage of accounting information within the enterprise environment.
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Extra resources for Business Intelligence Techniques: A Perspective from Accounting and Finance
Modeling applications are usually sophisticated analytical applications of the data in the Presentation Area. Such applications utilize the data to transform or derive new information that is used to guide decision-making. An example of this type of application is a forecasting model used to attempt to predict the future. Data mining applications are another example, where we may use complex algorithms to look for correlations between different variables in the data. Whatever the application, this use of data is very sophisticated and requires a deep understanding of the data.
Reliability of one form over the other also varies significantly and may be determined by subjective as weH as objective standards. Many organizations feel more comfortable with internally generated data since they are the ones who created it; while others prefer externally generated data since the data may be perceived to be more objective then internally created data. Thus, while the board of directors may like the profitability estimates generated in the budget for next year, they would give more weight to independent analysts' financial forecasts.
We will see this as we review the ETL process in more detail. The other key driver of complexity is the capability of the technology team delivering the ETL process. There are many ways to solve the same problem with technology. There are wonderfully elegant and well engineered designs and 3 Populating the Accounting Data Warehouse 47 there are those that are not. Complexity is not always obvious to the business user. This fact lies at the heart of the confrontation between the business manager and the IT project manager we saw in the opening of this chapter.
Business Intelligence Techniques: A Perspective from Accounting and Finance by Murugan Anandarajan, Asokan Anandarajan, Cadambi A. Srinivasan