Posted by Janette Kosior
For accurate and agile budgeting, forecasting, modeling, and reporting, enterprises need to think outside of Excel’s limited dimensional framework and move toward cloud technology that can truly handle multi-dimensional views.
Within any enterprise, financial and operational data includes a host of variables and is required to be analyzed in a variety of ways. These variables are what we call dimensions and are items such as products, departments, legal entities, accounts, scenarios, regions, time…and the list goes on and on. In order to perform this complex analysis of the data, technology that is multi-dimensional in nature is required.
Multi-dimensional analysis technology (a.k.a. On-Line Analytical Processing or OLAP) allows you to gain a richer view of your business results by visualizing the unique combination of data points. Here are some of the main ways multi-dimensional technology will enhance your enterprise performance management (EPM) processes.