A Study Of The Impact Of Business Intelligence On The Finance Function

Abstract

In the fast paced and data driven business world, the importance of efficient business decision making is growing by leaps and bounds. Technology is transforming the way business organisations operate business.It has given rise some very powerful Business Intelligencetools. Although the entire organisation is making use of BI tools, but its use is very important in the finance function of the business. BI tools are helpful in the operational efficiency by providing a robust mechanism to prepare data driven information and reporting, financial planning and financial analysis. Since there is alwaysan increasing need for making quicker decisions in response to rapidly changing market and customer demands, avariety of data is considered not onlyfor the organizational purpose but for external business environment such as market competition and other non-financial report. It is evident that the focus has been changed from reporting to monitoring to reviewing and providing strategic understandings, acumen, and analysis to support all the function in the organisation.The BI environments have been implemented on a large scale to deliver a wide range of standard reports. It is imperative to maintain the quality of financial reporting meant for internal and external stakeholders and it needs to adhere to high standards.