{"id":620,"date":"2014-09-12T15:31:43","date_gmt":"2014-09-12T19:31:43","guid":{"rendered":"https:\/\/solutionsreview.com\/business-intelligence\/?p=620"},"modified":"2016-09-29T12:20:59","modified_gmt":"2016-09-29T16:20:59","slug":"energy-and-finance-companies-are-behind-the-bi-eight-ball","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/business-intelligence\/energy-and-finance-companies-are-behind-the-bi-eight-ball\/","title":{"rendered":"Energy and Finance Companies are Behind the BI Eight Ball"},"content":{"rendered":"<p><a href=\"https:\/\/solutionsreview.com\/business-intelligence\/files\/2014\/09\/Energy-and-Finance-Companies-are-Behind-the-BI-Eight-Ball.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-654\" src=\"https:\/\/solutionsreview.com\/business-intelligence\/files\/2014\/09\/Energy-and-Finance-Companies-are-Behind-the-BI-Eight-Ball-300x135.jpg\" alt=\"Energy and Finance Companies are Behind the BI Eight Ball\" width=\"300\" height=\"135\" srcset=\"https:\/\/solutionsreview.com\/business-intelligence\/files\/2014\/09\/Energy-and-Finance-Companies-are-Behind-the-BI-Eight-Ball-300x135.jpg 300w, https:\/\/solutionsreview.com\/business-intelligence\/files\/2014\/09\/Energy-and-Finance-Companies-are-Behind-the-BI-Eight-Ball-450x203.jpg 450w, https:\/\/solutionsreview.com\/business-intelligence\/files\/2014\/09\/Energy-and-Finance-Companies-are-Behind-the-BI-Eight-Ball.jpg 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>Energy and finance companies will tell you they are using advanced analytics and BI but most of them are reading dated reports (not in real-time), usually compiled by hand, and created in Excel. \u00a0In my previous Solutions Review post called, \u201cBusiness Intelligence is Not What You Think It Is\u201d I talked about how some companies are using the same sorts of information management systems today as their father\u2019s did 20 years ago such as static analyses created in Excel and standard reports created through ERP systems. This isn\u2019t business intelligence!<\/p>\n<p>Since we are talking about BI I think it\u2019s appropriate that I put some survey data behind my position. In a Forbes article written by Tom Groenfeldt called \u201c<a href=\"https:\/\/www.forbes.com\/sites\/tomgroenfeldt\/2014\/07\/30\/business-intelligence-bi-isnt-very-intelligent-yet\/\">Business Intelligence (BI) Isn&#8217;t. Very Intelligent. Yet<\/a>,\u201d Mr. Groenfeldt refers to a SunGard survey of senior managers in the energy and finance space which exhibits that only <strong>20% use proactive and investigative methods in their analytic techniques<\/strong> which include but are not limited to scorecards, heat maps, word clouds, dashboards.<\/p>\n<p>Below are some takeaways from the SunGard Survey:<\/p>\n<ul>\n<li>For a majority of respondents, reactive and \u2018after-the-fact\u2019 analyses are the primary means of data analysis. A companies\u2019 reliance on spreadsheets, manual data manipulation and periodic reports can limit their ability to conduct proactive analysis.\u201d<\/li>\n<li><strong>Almost half the companies (45 percent) fill reporting needs through manual extraction and data cleansing tools, feeding the information to spreadsheets or PDF formats.<\/strong><\/li>\n<li>A large percentage of companies still are focused on department-specific BI type initiatives.<\/li>\n<li><strong>Only 13% of respondents utilize advanced BI techniques such as predictive analytics and alerts.<\/strong><\/li>\n<li>A very large percentage were using a lot of manual data manipulation, or relying on batch results generated daily, weekly, monthly or at the ends of the financial period.<\/li>\n<\/ul>\n<p>A CFO trying to make sense of data from different divisions and geographies for financial reporting, credit risk, and risk profiles is going to \u201cbe behind the BI eight ball.\u201d And to make matters worse it doesn\u2019t seem like things are going to change anytime soon. Tom Groenfeldt presents some good\u00a0reasons why finance and energy companies will continue to lag behind in BI.<\/p>\n<p>\u201cThe current disparate systems may take extra time, but the business analysts have become experts in their areas.\u201d<\/p>\n<p>\u201cMany companies don\u2019t want to replace different systems with a single system because each of those is best in class and does what it is supposed to do.\u201d<\/p>\n<p>\u201cThe systems might be quite different for trading power in the US and natural gas in Europe and coal in Asia.\u201d<\/p>\n<p>Do you believe that finance and energy companies will overcome these obstacles and get up to speed with BI or even become a BI trailblazer? Let us know your thoughts.<\/p>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/tomgroenfeldt\/2014\/07\/30\/business-intelligence-bi-isnt-very-intelligent-yet\/\">Click here<\/a> to read the entire article by Tom Groenfeldt and learn why finance and energy companies are lagging behind in business intelligence and will continue to lag behind.<\/p>\n<h3>Check out these additional resources:<\/h3>\n<p style=\"text-align: center\"><div class=\"box box0\"><div class=\"column one-third\"><strong><a href=\"https:\/\/solutionsreview.com\/business-intelligence\/get-a-free-business-intelligence-software-buyers-guide\/\" target=\"_blank\">2016 Business Intelligence and Data Analytics Buyer\u2019s Guide<\/a><\/strong><a href=\"https:\/\/solutionsreview.com\/business-intelligence\/get-a-free-business-intelligence-software-buyers-guide\/\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-145 \" src=\"https:\/\/solutionsreview.com\/business-intelligence\/files\/2016\/01\/oie_transparent.png\" alt=\"BI_Data Analytics_Buyers_Guide_Cover_350\" width=\"181\" height=\"150\" \/><\/a><\/div><\/p>\n<p style=\"text-align: center\"><div class=\"column one-third\"><strong><a href=\"https:\/\/solutionsreview.com\/business-intelligence\/buyers-matrix-report-business-intelligence-solutions\/\">BI and Data Analytics Buyer\u2019s Matrix: Comparing 28 Vendors Features<\/a><br \/>\n<\/strong><a href=\"https:\/\/solutionsreview.com\/business-intelligence\/buyers-matrix-report-business-intelligence-solutions\/\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-599 \" src=\"https:\/\/solutionsreview.com\/business-intelligence\/files\/2015\/06\/BI_Buyers_Matrix_Report_Transparent-235x203.png\" alt=\"Business Intelligence Solutions Buyers Matrix Comparison\" width=\"174\" height=\"150\" \/><\/a><\/div><\/p>\n<p style=\"text-align: center\"><div class=\"column one-third last\"><a href=\"https:\/\/www.pentaho.com\/resources\/gartner-magic-quadrant-business-intelligence-analytics-platforms-2016\"><strong>Gartner Magic Quadrant for Enterprise BI and Data Analytics<\/strong><\/a><br \/>\n<a href=\"https:\/\/www.pentaho.com\/resources\/gartner-magic-quadrant-business-intelligence-analytics-platforms-2016\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-535\" src=\"https:\/\/solutionsreview.com\/identity-management\/files\/2016\/06\/Gartner-IDaaS-Magic-Quadrant.png\" alt=\"Gartner Magic Quadrant Enterprise Business Intelligence\" width=\"139\" height=\"150\" \/><\/a><\/div><div class=\"clear\"><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Energy and finance companies will tell you they are using advanced analytics and BI but most of them are reading dated reports (not in real-time), usually compiled by hand, and created in Excel. \u00a0In my previous Solutions Review post called, \u201cBusiness Intelligence is Not What You Think It Is\u201d I talked about how some companies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - 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