It is the technology behind many Business Intelligence (BI) applications. OLAP is a powerful technology for data discovery, including capabilities for limitless report viewing, complex analytical calculations, and predictive “what if” scenario (budget, forecast) planning.
Rugby fans, prepare to be exhilarated! PARIS Tech has teamed up with David Newton, a luminary in the world of finance and the founder of Newton Carmen, a prestigious Fractional CFO firm. Together, they've fashioned something extraordinary - an OLAP model tailored...
This video from our sponsor PARIS Tech compares Microsoft Excel's PivotTable capabilities with the pivot table in PowerExcel. PivotTables are recognized for their ability to organize data effectively, but they are primarily designed for single-user productivity and...
PARIS Tech has recently joined forces with David Newton, an esteemed figure from Newton Carmen, a renowned Fractional CFO firm. Together, they’ve crafted an extraordinary sports analysis OLAP model tailored specifically for the upcoming Rugby World Cup.
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The Importance of Planning and Forecasting in BI
From PARIS Technologies
The budgeting and forecasting process for most organizations is long and tedious and occurs on an annual basis, at least. Companies try to do it more often to improve accuracy and aim to ultimately implement a procedure for continuous planning, rolling forecasts, and driver-based planning.
Unlike any other business process, budgeting and forecasting is unique because it is forward thinking. Business processes like accounting, inventory tracking, invoicing, shipping, etc. are based on actual events from the past and present.
This is a fundamental difference as it also defines how the data from these processes are managed. Essentially, actual events are captured as transactions in ERPs, supply chain systems, invoicing and accounting systems, etc., and data related to it is effectively stored in its databases. On the other hand, budgets and forecasts typically reside in spreadsheets where aggregate data is entered by several people in the organization.