Friends of Edsen, The use of a Business Intelligence system in a company makes business processes within a company run more effectively. The presence of Business Intelligence (BI) is very useful for reviewing how the company's internal and external data information is authentic.
Business Intelligence can drive business strategies through a reliable decision-making process, both when planning, organizing, as well as at the implementation and control stages, so that institutions or companies are able to win business competition in the era of management with technology like today.
The following are some descriptions of the main advantages of using a BI (Business Intelligence) system that will provide added value to the company, including:
1. Consolidation of information
With BI running within the company, data will be processed in one platform and disseminated in the form of meaningful information throughout the organization. In the absence of information assymmetry, collaboration and consolidation within the company can be strengthened. With consolidation, it is possible to create cross-functional and corporate-wide reports. Although it must be admitted, this advantage can also be provided by ERP software.
2. In-depth reporting
Business Process Management (BPM) software is able to provide reports and analysis, but it is quite simple and only based on internal conditions, but BI is able to provide information on larger business issues at a strategic level.
3.Customized Graphic User Interface (GUI)
Business Intelligence can go a step further by providing a GUI customization facility. So that the GUI display is far from technical and provides a view of business according to the wishes of each user.
4. A little technical problem
The nature of Business Intelligence which is user friendly will greatly minimize the possibility of operating errors from the user, and BI is only a software at the top layer (information processing) and not a business process management.
5. Low procurement costs
Because BI is a software that works at the top layer of information processing, the price of the software is not as expensive as ERP. The procurement costs are also cheaper than ERP.
Databank BI opens the possibility to collaborate with ERP as a databank supplier which will be processed into reports and scorecards, however BI can also work from a separate database. BI also becomes open for use by professional analysts and researchers, whose processed data is secondary.
Another dashboard (BI) characteristic that ERP does not have is in terms of speed (responsiveness). For example, calculating the service level as one of the Key Performance Indicators (KPI). The dashboard function will give a warning to the user before the lower limit in the service level (lower limit) is exceeded. As a result, the problem can be handled before it actually comes to the surface.
One example in the health industry, the use of BI is instrumental in preventing the spread of an outbreak.
Edsen Consulting as a consulting company has Business Intelligence as one of the services that can provide quality information from its business activities in a timely, accurate and reliable manner through data communication channels, making it easier for company leaders in the process of making important and strategic decisions.
Friend of Edsen, Each company within the group prepares its own set of financial statements, is it really necessary to compile a consolidated version for the entire group?
The short answer is: yes.
There are a number of reasons why it remains important for any group of companies to continue to prepare consolidated financial statements.
Parent companies with multiple entities, there are several advantages to financial consolidation.
1. Performance At-a-Glance
For executives, investors, analysts and owners alike, financial consolidation is the single best way to view overall performance at-a-glance. Consolidating diverse financial reports into a single financial “snapshot” gives C-Suite, finance, and stakeholders invaluable insight into the parent company’s overall health. Without consolidation, it can be extremely difficult to assess financial performance among various subsidiaries.
Financial consolidation gives leadership the top-level insight they need in order to budget, forecast and plan more effectively.
By combining multiple reports into a single consolidated financial statement, finance has more time for strategic planning. Real-time consolidation accelerates the financial close rate and streamlines intercompany eliminations.
To find out complete information regarding the importance of preparing consolidated financial statements in each group of companies, let's join our webinar at the following link.