The Rochester Institute of Technology (RIT) states that, ‘Accounting analytics can help an organization answer financial questions by looking at all the data gathered by a company (e.g., transactional data, financial data, investment analysis, etc.) and analyzing this information to gain significant insights, predict future outcomes, or even ascertain risk.’
The Accounting Research Center and Continuous Auditing & Reporting Lab at Rutgers University stated that, “The audit profession is leveraging technology and electronic information to expand the auditor’s ability to access and analyze vast amounts of information.”
Providing ample business intelligence in clear, concise fashion is important for every business. But, if the business analytics tools are not simple enough for business users, all that sophisticated analytical data will not help your team to make confident decisions or to accurately and effectively plan.
Ah, the naivety of the 90s! Businesses clung to the hope that they could find ONE software solution that would satisfy every business needs and do so affordably and quickly. Today, the world of business incorporates legacy systems, best-of-breed solutions, reporting software, industry-specific apps, mobile applications for smart phones and tablets and every manner of sales, contact, inventory, warehousing, financial, production, distribution, legal and enterprise software.
If we have abandoned the dream of ONE solution, we haven’t abandoned the idea that we must integrate the data in all systems to avoid drowning in a sea of useless information. How can we integrate systems designed in different code, different data base configuration, and different platforms and frameworks and tools?
