Tips for successful Business Intelligence data warehousing
Business Intelligence data warehousing
Keeping a steady grip on business intelligence (BI) data is vital to the success of any business. By using a series of collated information, correct business data will enable continuous scrutiny of all operations from year to year. Benchmarking performance indicators, utilising predictive analytics and mining data are all various functionalities that business intelligence data warehousing can provide. Listed below are certain techniques and strategies that can be readily applied to a company’s data warehousing solutions for further success:
- Selecting the correct software or series of applications that will work in harmony with the needs of the company is the first step in creating a BI data solution. Small to medium –sized businesses can make use of spreadsheets and basic databases for a cost-effective solution. Large companies can grow as the data warehousing requirements expand, with a web-based system that can be expanded via new modules and features.
- The primary function of data warehousing is trend analysis. Common uses include analysis of business operations on ad-hoc basic. Concentrate all efforts on a long-term examination and eventual operational forecasting. These reports should be set to read-only as user input can muddy the data prediction, with new queries being created in order to keep current data intact.
- Accurate creation of data is critical when building an overview of any business. Useless data will provide inaccurate reports and ultimately, poor choices for the various directions of the company. Leading business intelligence experts knows that the systems deliver reports based on the quality of the information; therefore the correct data must always be inputted into the central data repository.
- Precise reporting is made possible (or at the very least, easier) with the inclusion of data quality teams. Quality control teams review all data, as well as the process of capturing the data itself. These auditors are solely responsible for BI data strategies.
The needs of the company determine the growth of the BI data warehousing solutions. Additional functionality keeps the software fresh and relevant to the specific requirements of the business and as goals are met, the software grows almost organically to match the demands of the end-user.
Business Intelligence in Organisational Effectiveness
Business Intelligence in Organisational Effectiveness
Effectiveness is everything in an organisation, but as businesses grow larger, one particular problem comes to the fore – data management. If you run a business then you’ll know that it’s not easy to keep track of the vast amounts of information in a business system. This problem can be solved with business intelligence.
Business intelligence – what and why
Business intelligence is exactly what it says – putting intelligence into a business. Consider a business that is split into twelve departments, each department running at full efficiency. If the health of the business is to be checked, one would have to generate a report. For the structure described, it would be an extremely complicated and time consuming job, something which could have been avoided with the right tools.
Business intelligence tools like Oracle Hyperion combine the various departments into a seamless whole.
The following two strategies are most commonly used in business intelligence:
- Data warehousing – This strategy refers to creating databanks so that information can be worked on quickly and efficiently. This means that all departments are connected to a system that dynamically processes and stores their information as it generates. When you need to generate a report about the business status, it can be made available quickly and reliably.
- Data mining – This approach comes close to putting real intelligence into the system. It tells us that all the past years’ data about customers and clients is not useless. In fact, if correctly analysed, such data could reveal flaws and recommend what needs to be done in the future. However, this is only possible with the use of the right software and tools deployed by an expert.
Business intelligence tools in South Africa
We provide the best business intelligence tools to all types of businesses. If you need more information about making business intelligence work for your business get in touch with Intellient, an EOH Oracle Services company right away.
Deploying Business Intelligence
Deploying Business Intelligence
Business intelligence is catching up fast with all types of modern businesses. Not only does it help companies deal with data management in a better way, but it assists decision makers in forming business strategies too. However, it’s not a decision that can make in a hurry. Before going forward with business intelligence, there are a few things to consider.
Deploying Business Intelligence soon?
If your company has decided to use business intelligence, now is the time to have a clear idea of what it should be looking at. Broadly speaking, business intelligence involves the use of the latest technologies and practices to assist companies in integrating more information flow within the business. The two main strategies in business intelligence are:
- Data warehousing – If you have many departments across which information is scattered, then it can become difficult to generate a meaningful and concise report. In fact, one of the biggest problems is getting a high-level view of the company. This is where business intelligence tools like Oracle Hyperion help you bring order and centralisation to the flow of information.
- Data mining – Another very important strategy that assists you with tremendous amounts of data. The aim here is not only data management, but also extracting meaningful information and patterns so that you can use it as an effective business strategy.
Questions to ask
There are some important questions you must ask before you consult a business intelligence expert. These tips will help you go for the solution that is most suited to your requirements.
- Decide what level of business intelligence your company needs. If you are not a blue chip company, your problems can be solved with lightweight software.
- Try to predict what the future might hold. Would you like to add some extra features that may help you in the future?
- Decide on how much of the business you want to leverage with business intelligence. Are there some areas that will likely make very little difference?
Need more help?
Understandably, you will need to do more research before you arrive at the right solution. Get in touch with Intellient, an EOH Oracle Services company, right away to remain informed and updated about the best business intelligence services in South Africa.
Using Business Intelligence to Gain A Competitive Edge
Using Business Intelligence to Gain a Competitive Edge
If you run a business, you’ve probably found that organising and working with data can be very challenging, especially in a scenario where the data is too large to be handled easily. If this sounds familiar then you need a business intelligence solution to avoid further delays in reporting and results.
Business intelligence strategies like data warehousing and data mining ensure that all the information in a modern business system is integrated, and that knowledge can be shared across the whole organisation smoothly.
For effective use of business intelligence solutions, you need to have good tools. Oracle Hyperion is the right tool. By helping you classify and organise the different types of information within your organisation you’re able to leverage information you probably didn’t even know you had. Two of the most important strategies that are employed in data management through business intelligence are:
- Data warehousing – If your business has many departments and information is scattered across these departments, you’ve probably been finding it difficult to create a good overall report. The fact that certain information may be too detailed only adds to the complication. Good business intelligence software seeks to overcome these limitations. With the right use of business intelligence, you can create a central repository for data which will make it easier to manage data.
- Data mining – Did you know your massive data banks can give you the competitive edge you’ve been looking for? The more data you archive within your organisation, the less you use it. This doesn’t have to be the case if you have a system whereby you’re able to handle it properly. By using the right business intelligence software, it’s possible to sort through data and reveal important patterns and strategies. You can learn what did not work in the past and why, and also what you can do in the future. This is also a great tool for market research.
Business Intelligence Software
Business Intelligence Software
For any modern business, data management poses a serious challenge. How do you control the flow of information and make past data work for a better business future? As the modern communication and storage system grows more capable and complex, there is a need to manage all this effectively. Business intelligence is the answer to this. However, before looking into which software you can use for your business, it would be worthwhile spending some time understanding business intelligence.
What is Business Intelligence?
There is so much data being generated today that businesses don’t know what to do with it. If all this data can be analysed and handled properly, it can give you valuable insight into the finer details of your business market.
At the same time, business intelligence aims to increase productivity and effectiveness. Take reporting, for example. It is a very important function in today’s organisations, but if the data to be accessed happens to be spread over many departments, as it invariably is, then generating helpful reports can become a problem.
All these problems can be solved by using the proven strategies of business intelligence.
- Data warehousing – This approach deals with the storage and management of data in a way that makes reporting and integration easy. All data is centralised and follows a particular protocol, which makes it easy to expand the system as need be. The direct benefits of data warehousing then become apparent. Data management becomes easy, and reporting improves.
- Data mining – Data mining is a brilliant business intelligence strategy concerned with analysing and interpreting vast amounts of previous data. It reveals various business trends and what costly mistakes were made in the past, and suggests new tips for the future.
Benefits of using Business Intelligence software
The benefits of business intelligence are apparent. To implement these practices, you need sound software like Oracle Hyperion, which analyses and improves your business processes. The right software can make all the difference to your business.
If you are looking for a sound business intelligence software solution in South Africa, then contact Intellient, an EOH Oracle Services companhy right away and learn how we can help you improve your business management with the help of state-of-the-art business intelligence strategies.
Business Intelligence Solutions
Business Intelligence Solutions
Running a business effectively is no easy task. Apart from a host of other problems modern South Africa businesses face, the most common is data management. A sound business intelligence solution seeks to increase the productivity of your business by improving the way it manages data.
What is Business Intelligence?
A modern business can be viewed as a collaboration of many systems. For example, a company could have many departments spreading the workload between each other. However, without data warehousing or business intelligence software, it can become difficult to extract meaningful data from this or make useful reports.
Business intelligence tools like Oracle Hyperion Enterprise Performance Management make this task easier for business owners. Let’s take a quick look at what the most important strategies consist of:
- Data warehousing – Do you run an organisation where information is scattered and sparse? While all the records may be available, it can be near impossible to draw on all of them and create a good report. Data warehousing looks to overcome this defect by applying sound practices of data management. If properly implemented, such a system integrates the entire information flow at a single point, and it becomes very easy to generate good reports and manage the data.
- Data mining – If you’ve been in business for a long time then surely you’ve accumulated vast amounts of observational data. The correct interpretation of this data can be very beneficial – it can provide the overall picture, indicate what could have been done differently, and reveal the market secrets to you. Such systematic and meaningful extraction is known as data mining, and it is a very common business intelligence tool.
Business Intelligence Solutions in South Africa
A business intelligence solution should be implemented by a proven expert in order for it to be of real value. We provide the very best business intelligence tools for South African businesses and enterprises and have implemented solutions with outstanding results.
Our dedicated team is committed to creating better solutions for your company so that you can increase your organisational efficiency.
Contact us now!
Get in touch with us right away to learn more about business intelligence and how you can help your business do better with this tool.
GRC: Risk Management: Protect and Maximise Stakeholder Value
The following GRC (Governance, Risk and Compliance) article from Oracle is relevant if you want to protect and maximise stakeholder value.
Recent economic volatility has given risk management a new focus and eminence. The strongest companies are the ones that are able and willing to adapt, who actively integrate risk management as a critical factor at all levels of management process from strategy to success.
Regrettably, organizations have been hampered by pitfalls in traditional approaches to risk management. Seen as a back-office function, risk management may be limited to annual assessments that are not integrated with strategic and operational planning.
Without the ability to apply a common taxonomy and weighting for different risk categories, organizations are forced to manage risk in functional silos, unable to see the interconnected nature of multiple risk events.
Internal control and external risk transfer methods are largely manual, leaving firms open to unnecessary exposure.
Business survival requires organizations to take risk. Successful firms manage risk well while those that do not suffer. The unprecedented breakdown of credit markets and eye-opening demise of well established financial institutions have led companies small and large to pause, look at themselves, and ask: What’s our risk? Do we have a handle on it? Is that good enough?
Recent actions from regulatory bodies and ratings agencies have also highlighted the need for risk management. For example, the Public Company Accounting Oversight Board (PCAOB) is guiding audit firms to pay more attention to the level of risk associated with management processes. Assuming management is likely to accept greater risk when acting under economic pressure, the PCAOB is encouraging auditors to adjust their audit plans and increase monitoring for high risk behavior.
Download the full story from Intellient White Papers – Risk Management – Protect and Maximise Stakeholder Value
If you’re looking for GRC and risk management solutions for your business contact Intellient
6 Tips for Better Business Intelligence
- Select the Right Service Provider
Shop around. The right service provider should demonstrate a unique appreciation of your needs and the challenges you are facing. They must be involved in the roll-out of the solution and provide training to all users. Make sure they also offer on-going support once the solution is up and running. Get references and follow these up. - Suitability
Be sure to choose a BI solution that is right for your business. Have a specific business need in mind when shopping for a solution. Before purchasing a complete data warehouse solution, do some research – your current challenge may not require a warehouse solution. Instead you could save money and time with a simpler solution that locates and extracts data from its current location as required. - Ease of Integration
Your service provider should be familiar with the systems your business relies on and should provide a solution that integrates easily into your current business infrastructure. The best BI application will be one that meets a specific business requirement and fits into your business processes seamlessly. - Flexibility and scalability
Your BI requirements will change as your company grows and develops. It is important to plan for this by selecting a modular solution that can be adapted and expanded to suit your changing needs. - Keep it Simple
While it may be tempting to go for the most sophisticated, top-of-the-range solution, often the simpler option is easier to work with. Consider who will be using the system. Don’t forget the true end user and include them in the selection process. Their technical proficiency will determine the level of complexity you may incorporate in the solution. Remember, a good BI solution should save your employees time – not force them to struggle with a complicated system. - Insist on Security
Data security is crucial – especially in the increasingly mobile business world. The ideal BI solution should deliver accurate, targeted information at maximum speed; while protecting your data from falling into the wrong hands.
Financial data quality ensures stakeholder buy-in
According to Michael van der Merwe, Manager – BI & Enabling Technologies at Oracle, further benefits of managing financial data quality are the speed and agility of information retrieval, leading to rapid implementation of corrective actions when required. It also plays a key role in improved visibility through dashboards, providing a big-picture overview of the financial situation of the company at any point in time and the ability to drill down to the general ledger.
Quality data also means that Sarbanes Oxley regulations are more easily supported and assessment requirements more easily achieved. Probably the most important benefit of sound financial data quality management is that the origin of a specific value can be found and confirmed with little effort.
Van der Merwe supports Oracle’s Hyperion FDQM (Financial Data Quality Management) application for empowering clients to achieve data visibility, integrity and verification in their financial reports.
“The return on investment with a system like this is more productive time and increased ownership for the end user,” he says. “Probably the biggest benefit of sound financial data quality management is the increase in confidence levels, while lowering the cost of compliance through the elimination of data collection and validation errors.”
For enterprise leaders, however, simply being sure they have the correct data, even with the high levels of confidence an FDQM system can provide, is not the objective. The ultimate objective of any company is increased net profit. With the correct information at hand, managers can make informed decision with full insight into the activities of any part of the business. They are even able to understand the real cost contribution of each customer, ensuring high-value clients receive the appropriate service and low-value clients can be encouraged to look for better value from the business.
The Hyperion FDQM system is not a standalone offering, but fits into other Hyperion application suites such as enterprise planning and profitability, as well as cost management systems. It can access data from almost any database system, even external to the company, when required. It effectively supports the consolidation process of the holding company and ensures there is no longer a gap between the general ledger and consolidation and reporting.
“The financial figures derived are real and queries can be tracked by drilling down into the source data, no matter where it comes from,” adds van der Merwe. “FDQM closes the door to incorrect and confusing reporting, giving stakeholders confidence to make decisions on data that they know is accurate.”
When working towards increased investor confidence it is important to provide complete transparency, van der Merwe says, adding that a sound profitability and cost management system, linked with quality and trustworthy financial data will enable scenario analysis by region, product and client. It will also assist in the allocation of variable costs, while taking fixed costs into account.
“Such a scenario is bound to build confidence with the most cynical financial analysts and have a positive effect on share prices and investor confidence, both crucial aspects to thriving in this market,” he concludes.
Protecting Financial Institutions from Operational Risks
- Human Error
- Systems Failure
- Process Failure
- Inadequate Controls and Monitoring
- Financing techniques that reduce credit and market risk, but enhance operational risk
Measuring and Managing Operational Risk
- Enterprise-wide culture and commitment
- Governance for operational risk management
- The role of regulation
- Technological changes that improve an organisations ability to measure and manage operational risk
- Potential responses to operational risk
- Dynamic risk identification
