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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.
Big data is a modern technology that captures huge amounts of data, which is then analyzed in order to reveal patterns and trends. Organizations need to transform what they have gathered into business insights that promote growth. Across business in general, there are...
Not too long ago businesses found it very difficult to query data out of their recently acquired relational databases. These queries were too slow to be processed by computer systems of the time as well as too inflexible to navigate the data. After trying different...
As the fields of business intelligence and business analytics continue to develop and grow, organizations must be aware of the distinctions between the terms and understand their value. Adoption and usage of business intelligence and analytics tools show no sign of...
Business intelligence in action: KPIs can do more than performance management. Defining KPIs can also help businesses to identify threats and opportunities.
Business Analytics vs. Data Science "Business analytics" and "data science" -- are they basically interchangeable terms, or entirely separate professional pursuits? There's certainly overlap on the topic of Big Data and using data to inform decisions. There is no...
What is Business Analytics? Science and business continue to intersect, most recently on the topic of data analytics. Generally speaking, "data analytics" is the process of organizing and interpreting data to uncover valuable information. "Business [data] analytics"...
OLAP and Hadoop: A Great Pairing OLAP continues to be a relevant and exciting technology, most recently in pairing OLAP and Hadoop. As we are OLAP.com, we have ALWAYS seen the value of OLAP technology. We admit OLAP has been a bit out of style the last few years. Some...
Excel reports are just not cutting in today’s world of even larger and more complex organizations. Thankfully, there is a solution that not only gives companies the capability to access large amounts of data at the speed in which there is no “waiting around” time, but it enhances the every day use of Excel. Let’s take a look at how this is possible.
“There’s nothing inherently wrong with spreadsheets; they’re excellent tools for many different jobs. But data visualization and data communication is not one of them.” – Bernard Marr We couldn’t agree more with what Bernard is saying in his article, “Why You Must...