Using,OLAP,Technology,for,Busi business, insurance Using OLAP Technology for Business Intelligence
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One of the highestpriorities for companies in the financial industry and in other markets is theability to accurately predict revenue. Alternatively, one of the major pitfalls for these companies is the lackof an adequate method to budget and make financial predictions. Most companies use ERP systems to collectdata for budgeting and forecasting and spreadsheets for the reporting functionsof these activities. Unfortunately,spreadsheets are limited in how much information they can provide in a timelymanner and involve a great deal of upkeep. Because of the spreadsheet structure, changes need to be manuallyrepeated across all sheets or workbooks to ensure accuracy. Because their formulas are hidden, spreadsheetsneed to be painstakingly checked make sure that the information displayed bythe sheets is correct. The AlternativeOn-Line AnalyticalProcessing, or OLAP, is an umbrella term for the technologies that includedecision support, business intelligence, executive information systems, andmore. An OLAP system uses specificdimensions to map and categorize data according to the specific fundamentals ofa companys business. For example, usingthe idea of products, OLAP could map a variety of product offerings from brandsto color. A very large and complexspreadsheet would be needed to keep track of the same information. OLAP could also use other dimensions such asbusiness units, geography, customer information, or time periods to create avariety of different reports. A companywould need to manually create a huge number of spreadsheets to house and analyzedata for only a fraction of this information. Transparency and FlexibilityAnother attractivefeature of using an OLAP system for business intelligence is the level oftransparency and flexibility. Companiescan see the relationships between their dimensions instantly and can manipulatethe dimensions to get the information they need quickly. If changes are made in the real world thataffect the dimensions, changes can be made to the dimensions within the OLAPsystem as well, without the need to manually change every single report thatthe dimension is relevant to. Companiesalso have the ability to see at a glance the different way the relationshipsbetween dimensions can be represented or how the relationships can berecombined to extract more information that is pertinent. To get the same information, an entirely new spreadsheetworkbook would have to be created manually for each new relationship, whichwould require significant time and resources. Companies that usean OLAP system have ability to get reliable business intelligence quickly. OLAP can be distributed to a variety of usersusing a variety of platforms, as well, giving managers the power to answertheir own data analysis questions without having to go through the FinanceDepartment repeatedly. With drillablereporting and real-time data analysis as additional features, OLAP is clearlythe direction any company should take for competitive business intelligence.
Using,OLAP,Technology,for,Busi