Hanna Kim
Top 8 Acronyms Used in Business Intelligence and Corporate Performance Management

This article focuses on terms that will educate and help those who are new to the BI/CPM realm.

 

Image taken from Shutterstock.

Image taken from Shutterstock.

Have you ever started a new job in an industry you have no experience in? Learning the industry jargon can be overwhelming. I can personally attest to this because prior to working in the Business Intelligence (BI) and Corporate Performance Management (CPM) worlds, I was in the food, public relations, and entertainment industries, and did not have much experience in BI or CPM. If you have recently been exposed to BI tools, such as report writers, budgeting and planning solutions, dashboards, data warehouses (DWs) and you feel like a deer in headlights, there is no need to panic. In this article, we will discuss ten acronyms in the BI/CPM realm that will help you understand and enhance your experience with BI and CPM processes.

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Daniel Havey
Cloud-Based Enterprise Reporting for Banks

This article will focus on the Cloud-Based Enterprise Reporting for Banks.

BNKBenchmarkDashboardWhat is Enterprise Reporting?  In the past, Business Intelligence (BI) was limited to the office of Finance and typically with a key focus on Financial, Planning & Analysis (FP&A).  With the advent of Enterprise Reporting, BI is now being extending beyond the scope of IT staff, business analysts, and power users.  Enterprise reporting is enabling anyone who impacts the bank – city executives, branch managers, loan & deposit analysts, and customer-facing staff – to have immediate access to the vital information they need to most productively perform their jobs. Continue reading

Daniel Havey
Easy Cloud-based Reporting for Banks


This article will focus on Easy Cloud-based Reporting for Banks.

Have you ever wondered why Do It Yourself (DIY) shows are so popular? According to a Country Living article, “There’s a before, during and after in one TV show—so, you basically get to the happy ending very quickly.”  In other words, your renovations might take weeks or months (or, God forbid, years), while Chip and Joanna’s Gaines home makeover requires less than an hour of your time. And in the end it looks perfect, unlike what you may have experienced.

What is wonderful about these shows is that they take homes that are a total wreck and transform them into beautiful showcases where we wish we could live in them.  In almost all cases, the projects are within budget, finish on time, and result in a very happy customer.

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Daniel Havey
Best Excel Tools on Cloud for Banks

This article will focus on the Best Excel Reporting and Budgeting Tools on Cloud for Banks

 

bankincomestatementExcel: How do I love thee? Let me count the ways. (Sonnet 43) – The reason why we all love Microsoft Excel so much is that you can create almost any report you can imagine.  Take for example this Business Process Management (BPM) report.  BPM is a systematic approach to making an organization’s workflow more effective, more efficient and more capable of adapting to an ever-changing environment.

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Daniel Havey
Top Cloud-based Financial Planning and Analysis Budget Tools for Banks

This article will focus on the Top Cloud-based Financial Planning &Analysis (FP&A) Budget Tools for Banks.

Image taken from Shutterstock.

Image taken from Shutterstock.

The way things used to be – When I first got into building a budget for a bank, we were using Lotus 1-2-3 spreadsheets that were stored on 5¼ inch floppy disks.  The spreadsheet was basically a 24-month trial balance for each branch or department.  The first eighteen months contained historical balances.  The remaining eighteen months were the forecast for the rest of the current year and budget for next year.

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Daniel Havey
Cloud Financial Reporting and Budgeting Software for Banks

This article will focus on Cloud Financial Reporting and Budgeting for Banks.

Image taken from Shutterstock.

Image taken from Shutterstock.

New technology has drastically changed the way we communicate. – My 18-year old daughter has just discovered the show called The Office starring Steve Carell.  The show came out in 2005 and we are wrapping up season two. What is striking is that all the sales representatives have flip phones and need to return to the office and login to their laptops or personal computers to transact business.  Continue reading

Daniel Havey
Cloud Reporting for Banks

This article will focus on Cloud Reporting for Banks.

Image taken from Shutterstock.

Image taken from Shutterstock.

Just what is Cloud Reporting?TechTarget defines Cloud Analytics as a service model in which the reporting and analysis process are provided through a public or private cloud.  These solutions are typically offered under a subscription-based pricing model called Software as a Service (SaaS). Gartner defines the six key elements of analytics as data sources, data models, processing applications, computing power, analytic models and sharing or storage of results. In its view, any analytics initiative “in which one or more of these elements is implemented in the cloud” qualifies as cloud analytics. Continue reading

Daniel Havey
Web-based Reporting for Banks

This article will focus on Web-based Reporting for Banks.

CFO DashboardWho cares about web-based reporting for banks? When we think about reporting for banks, we often think about accountants, controllers, and CFO’s.  According to The Wharton School, accounting is considered the language of business.  The story of any company, no matter the size, the industry, or the country of origin, is told through its financial records and reports. Continue reading

Daniel Havey
Business Intelligence (BI) Tools for Banks

This article will focus on BI Tools for Banks.

Image taken from Shutterstock.

Business Intelligence (BI) definitions – TargetTech defines BI as a technology-driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions. Gartner says that BI is an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance. Webopedia says BI represents the tools and systems that play a key role in the strategic planning process within a corporation. These BI systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. The main theme among these various definitions is that BI encompasses tools that help with decision making.  When it comes to banking, there are many use cases for BI.

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Daniel Havey
Financial Planning and Analysis (FP&A) Tools for Banks

This article will focus on FP&A Tools for Banks.

Image taken from Shutterstock.

Image taken from Shutterstock.

So what does a FP&A manager do? – Here is a position description for a Manager of Financial Planning and Analysis for a bank in Atlanta.

The FP&A Manager will be a key finance and analysis partner for multiple lines of business within the organization. Duties will include providing support for strategic and tactical planning, understanding financial and operational results, and supporting management decision making. Key responsibilities include:

• Budgeting and Forecasting
• Monthly Analysis
• Business Scenario Planning
• Dashboard Preparation
• Ad hoc Analysis

Let’s take a look at each of these responsibilities in a little more detail.

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