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.
7 Key Business Intelligence Software Trends for 2019 By Keith Craig, Better Buys Peter Drucker, father of the Knowledge Economy and business management guru said, “Knowledge has to be improved, challenged and increased constantly, or it vanishes.” Nowadays,...
Profitability relies on productivity. In today’s high-speed world, everyone is looking for ways to do more in less time, and it’s only natural to seek technological assistance. Artificial intelligence (AI) has rapidly gained adoption across industries, and its...
Data Virtualization is a process that gathers and integrates data from multiple sources, locations, and formats to create a single stream of data without any overlap or redundancy. Data Virtualization innovation is helpful, in our world of non-stop data transmission...
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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.