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Episode 15: A Financial Consolidation is an Analytics Project!
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Episode 15: A Financial Consolidation is an Analytics project!
Financial Analytics is an important branch of the field of Analytics. It involves data management, modeling and reporting. A Financial Consolidation system is a Financial Analytics project that brings together data from one or more ERP (Enterprise Resource Planning) system together with a financial model with the purpose of producing consolidated financial reports. Not only are these obligatory for regulatory reporting, but they can also be a strategic asset. Shorter month-end closing cycles, coupled with detailed product/segment/regional/entity/etc reporting made available quickly, to front line managers WITH the ability to drill down for more detail in an intuitive and interactive manner … can all translate into business value.
In this episode we tell the story of how a real QueBIT customer moved beyond Excel spreadsheets and implemented a robust enterprise financial consolidation system using a combination of a relational data art and a special purpose multi-dimensional database technology. Along the way, we cover some of the fun stuff that needs to be considered on a journey like this, and hopefully convince you that it is worth the effort!
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