A Study on the Use of Business Intelligence Tools for Strategic Financial Analysis

Abstract

The research work is focused on examining the role of business intelligence (BI) tools in strategic financial analysis. The effective utilization of data is essential in order to survive in today's competitive business environment. Traditionally, data analysis was performed manually by using a spreadsheet. However, due to big data proliferation at an unprecedented pace, it becomes difficult for the financial services industry to manage large datasets. Therefore, to address this issue, both academia and industry practitioners have come forward to meet the needs of a growing business with the help of BI tools. In this context, this chapter aims to assist the BI researchers and practitioners in the financial services industry to make fact-based decisions by using popular BI tools like Power BI, Tableau, and SAS analytics. Consequently, the chapter provides a detailed review of the applications of these BI tools in strategic financial analysis and to enhance overall corporate performance.