Compliance data can be analytics source
Jun 27 2012, 17:04 PM
Data management can serve multiple purposes at once. Software industry insider Darren Peterson wrote for Sarbanes-Oxley Compliance Journal that data saved by financial organizations for regulatory compliance purposes could also be an important reservoir of information for analytics programs. He specified that sales, finance and accounts receivable can all perform analytics.
He stated that financial organizations have begun to comply with the eXtensible Business Reporting Language (XBRL) standard to format their data. The data storage practices present chances to do more with information than merely store it. Data quality and transparency efforts put in place to satisfy regulators can also provide informed decisions.
Peterson wrote that data is especially important for companies dealing with financial data. He specified that is hard for companies to engage in internet searches for information pertinent to behind-the-scenes financial dealings. If they want to take advantage of important analytics processes, they will have to do it themselves.
A recent Gartner report on the state of the enterprise software market found that IT departments will grow cautiously in 2012. An early projection placed the growth for the year at 5 percent, a figure which was cut to 4.5 percent. Analyzing data, however, remained among the top priorities for firms.