Financial Intelligence signifies Business Intelligence in accounting, or
- (legal) consolidation
- reporting and
of accounting data, especially the profit and loss statement, balance sheet, capital flow statement, analysis and other additional data
- in all periods,
- in current, plan, forecast and scenarios,
- according to various accounting standards as well as
- at all consolidation levels.
Financial Intelligence is supplemented by classic Business Intelligence applications (Classic BI) for planning, reporting and analysis of all remaining business data.
In contrast to Classic BI, Financial Intelligence is characterised by a constant technical data model which is applicable across industries and countries, and is therefore standardisable; this is in addition to an ETL process for the transfer of financial data from ERP systems, which is also standardisable. The operational interrelations within the data model are very complex and require a specialised calculation logic.
All three aspects lead to the conclusion that it is preferable to implement Financial Intelligence based on standard software, making significant savings of time and costs during implementation.
Ideally, data is stored in a financial data warehouse, which is especially optimised for collection and preparation of accounting data and offers a ready ETL process for connection to previous systems. If the financial data warehouse is characterised by a multidimensional data model as well as calculations and analyses in real time, then it is a realtime financial OLAP.