Measuring Financial Business Intelligence

Most of the people are ignorant about how to measure financial business intelligence in their organization. Financial BI  is a way to get correct and accurate information about a company ‘s financial data , trends and tools.

To arrive at a accurate decision making process you need to have the proper BI tools. But in the past companies have spent a lot of time on researching this financial data but closing it before they get the proper results of their analysis. This results in a gap between the analysis and review process, which in return affects in the process of decision making.  You can see the pictorial diagram of today scenario  
 Where as the proper flow should not have any gaps in the process of decision-making.

History of Business Intelligence

Successful industries, companies who understood customer preferences, revenue trends and easily change their products and services matching to the needs of the customer gains market share and overcome their competition.

In the late 1970 analytical software packages emerge in the market, lack of computing knowledge and also applications are not easy to operate makes it  more difficult to implement it in a large scale.

But after the release of these two spreadsheet software namely Lotus 1-2-3 and excel  it has opened the windows for the users to prepare their customized data model for business analysis.

Later for a period of 10 years from 1980 to 1990 EIS dominated and gained popularity which enables to put your important information on the desktops of executives. The idea gained popularity mainly because of the colorful software screens, big buttons and touch screen monitors.

But this EIS also short lived because it took lot of time to convert or load the data faster as when the demand increases for faster work it failed.  In the year 1990 with the wide spread usage of Structured Query Language (SQL) Data warehousing, data mining technologies arrived and also new and powerful end user analytical software available, perfect scenario is set for faster growth in usage of BI tools for the next decade.

Next innovation of BI software is the web based versions, now BI software vendors have released a web based version. Now companies can easily setup at a very low unimaginable cost, and provide users gain access to huge volume of corporate data and high-end analytical tools. Now by having an Internet or intranet connection, an individual can research and analyze the data even from home, or when the individual is traveling, or from any location around the world.

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