Data analytics, also known as Business Intelligence (BI) or Business Analytics (BA) is used as a term in the IT to describe the delivery of information for decision-making. BI systems allow the management of a company and its employees to gain the necessary information (that is, standard reports, standard reports with a new angle, or new and previously undefined, developed on-demand reports) without the involvement of the IT personnel.
Nowadays, a large part of the financial and management reports are prepared in Microsoft Excel, which is one of the most popular data analytics solutions in the world, being used by up to 90% of BI tools users. The possibilities of Microsoft Excel reach the functionality of serious BI tools; however, as a data analytics tool it also has its shortcomings, which are mostly related to the data security and the working environment of the users. This prompted SIA TVK Group to review alternatives to Microsoft Excel for analytics of financial data.
In 2010, we chose the Jedox BI technology, the main strong points of which are the excellent integration with Microsoft Excel, functionality of planning—many classical BI technologies lack this aspect—, and the total costs of the technology’s life-cycle.
Jedox presents its technology as a corporate performance management system, or CPM. CPM is a separate BI branch that ensures the modelling of a company’s processes, and short term and long term planning.
Today, information technologies are an inseparable part of business management processes; we ensure that an investment in business intelligence solutions provides the maximum efficiency. We have carried out a number of BI projects for companies of various branches and sizes, including internationally, so we are able to offer our clients those solutions that work best for their specific business and budget. Our participation in projects in which various solutions have been used, shows that expensive BI systems are not always the most efficient. It has to be borne in mind that, when considering implementation of a BI system in a company, it is important not only to purchase and implement it, but it also has to be maintained in accordance with the requirements and usage habits of the client. Our experience can help you to find the correct data reflection and to use it for your business decisions. We have carried out projects that have used the following BI technologies: Microsoft Excel, Power BI, Qlik Sense, and Jedox.