Business Intelligence

    Business Intelligence 

    Business intelligence (BI) refers to the coordinated deployment of technologies, applications and business processes to support the collection, integration, analysis, and presentation of business information. The purpose of business intelligence is to help managers and others responsible for business strategy better understand their organization’s operations, make wiser, more informed business decisions, and manage operational performance.  

    BI systems use data that has been gathered into a data warehouse or a data mart to present historical, current, and predictive views of business operations. Operational data may also be used. The software components of a BI system support the extraction, analysis, and reporting of information, providing detailed sales, production, financial and other business data. This information may be compared to historical data, or data related to comparable companies in order to provide valuable benchmarks. 

    Highlighted Resources
       
    Highlighted business intelligence reportsWhy Predictive Analytics Should Be “A CPA Thing” 
    This paper explains the value of PA and explain why CPAs are well positioned to be crucial participants in its adoption.

    CGMA Report: From Insight to Impact - Unlocking Opportunities in Big
    Data
    This CGMA report discusses where finance sees data's potential and how to harness data for a competitive advantage and how to turn insight into impact.

    CGMA Report: Improving Decision Making in Organizations - Unlocking Business Intelligence
    This CGMA report discusses how to translate big data into information so that organizations can successfully balance cutting costs to improve efficiency with continuing to invest to develop their competitive position.

    Overview of Business Intelligence

    Stack of files of business intelligence referencesBusiness Intelligence in the Enterprise: A Strategic Overview for the CPA (Executive Summary)
    In this executive summary, accounting and financial professionals are introduced to the concepts, principles and practices associated with BI that can drive success in an organization.

    Business Intelligence in the Enterprise: A Framework for Enterprise Business Reporting
    This paper describes a basic business reporting architecture and provides the necessary background information to enable the reader to understand the architecture’s potential applicability for their organization.

    How CPAs Can Drive Business Intelligence (Article)
    Donny Shimamoto, CPA/CITP explains why CPAs are especially suited to drive Business Intelligence initiatives for their clients, or within their own organization.


    Business Intelligence Toolkit

    Tools for business intelligence

    The Business Intelligence (BI) Value Proposition tool kit is an aid designed to help organizations that are considering implementing a BI platform. This tool should help identify the true costs and benefits associated with a typical BI implementation. BI implementations are still mainly strategic in nature and, thus, can make the development of a true ROI and business case difficult. Nonetheless, many proposed BI projects will never gain the approval and support required without a well constructed value proposition. This toolkit was designed to help consider all financial aspects of a BI implementation. In other words, do not feel compelled to have a value for every input box.

    If you use this tool and can provide constructive feedback that would help further develop this model, please email us.

    Business Intelligence Value Proposition Tool Kit
    The Business Intelligence Value Proposition tool kit is an aid designed to help organizations considering implementing a BI platform, identify the true costs and benefits associated with a typical BI implementation.

    Read the Business Intelligence Value Proposition Tool Kit - Case Study: Big Builders for additional information.

    Data Management

    Desktop computers for data management and retentionData management plays a significant role in an organization’s ability to generate revenue, control costs and mitigate risks. Successfully being able to share, store, protect and retrieve the ever-increasing amount of data can be the competitive advantage needed to grow in today’s business environment.

    Management of data generally focuses on the defining of the data element, how it is structured, stored and moved. Management of information is more concerned with the security, accuracy, completeness and timeliness of multiple pieces of data. These are all concerns that accountants and finance managers are trained to assess and help manage for an organization.

    An Overview of Data Management
    This document provides an overview to help accountants understand the potential value that data management and data governance initiatives can provide to their organizations, and the critical role that accountants can play to help ensure these initiatives are a success.

    A Practice Aid for Records Retention
    This practice aid provides an overview of what to consider when assessing records retention requirements, discuss possible frameworks that can be applied in the development of a records retention policy, and provides an overview of the factors that organizations should consider in assessing their records retention needs and strategy for development of a records retention policy.

    Data Management and Data Retention
    This session provides an overview of the factors that organizations should consider in assessing their records retention needs, developing a strategy for a records retention policy, aligning the IT department’s data storage strategy and aligning to the organization’s needs.

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