Dallas, Texas (PRWEB) December 22, 2013
The financial analytics market analysis consists of various types of solutions and services, applications, deployment types, organization size, verticals and regions. The overall market size is found by adding up the market size of each solution and services such as database management system, data integration tools, query, reporting and analysis, Online Analytical Processing (OLAP) and visualization tools, analytical tools, consulting and support services, and others.
Financial analytics each solution and service are playing an important role in the market, these solutions and services support various applications including asset and liability management, budgetary control management, general ledger management, payable management, receivable management, profitability management, governance, risk, and compliance management.
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Today’s enterprises required analysis on budget data, market data, expenditure analysis, competition data, and customer’s data. The data is derived from point of sale such as order size, shipment, price, volume, revenue and margin; before and after sells data. All business functions such as finance, marketing, sales, human resources, information technology, and supply chain management have access to internal as well as external structured and unstructured data. Companies are facing various difficulties to analyze such type of data for revenues and profitability management across various industry verticals. Financial analytics helps to overcome such problems and provides timely financial information to frontline employees, managers, and executives. All these allow to take better financial decisions, proactive actions, solves problems before they occur and affect the company’s financial performance.
In the financial analytics market, end users have too many options to adopt BI and business analytics solutions for financial management. There are some major BI and business analytics solution providers such as Oracle, IBM, SAS, SAP, MicroStrategy, and Microsoft who offer their comprehensive solutions in the financial analytics market.
The enhanced technologies in BI and business analytics, high data intensity, competitive differentiator, increased focus on data transparency are major drivers for the financial analytics market. The increased complexity in financial analysis, growing demand for cloud analytics, increased financial risks and frauds create new opportunities in the financial analytics market. The major challenges in this market arethe huge number of business dimensions, and security concern.
The report is expected to help the market leaders/new entrants in this market in the following ways:
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