How can you ensure your BI solution is reliable for financial reporting?

3 Implement data quality checks and controls

The third step to ensure your BI solution is reliable for financial reporting is to implement data quality checks and controls throughout the data lifecycle. Data quality checks and controls are the methods and tools used to monitor, measure, and improve the quality of data. They include data profiling, data cleansing, data validation, data reconciliation, data exception handling, and data quality reporting. Data quality checks and controls ensure that the data used for financial reporting is free from errors, anomalies, duplicates, and inconsistencies.

4 Document and test your BI solution

The fourth step to ensure your BI solution is reliable for financial reporting is to document and test your BI solution thoroughly. Documentation is the process of creating and maintaining records of the design, development, deployment, and maintenance of your BI solution. It includes data models, data dictionaries, data mappings, data flows, business rules, calculations, formulas, reports, dashboards, and user guides. Documentation helps you to understand, communicate, and troubleshoot your BI solution. Testing is the process of verifying and validating that your BI solution meets the requirements and expectations of the stakeholders. It includes unit testing, integration testing, system testing, user acceptance testing, performance testing, and regression testing. Testing helps you to identify and resolve any issues or defects in your BI solution.

5 Review and update your BI solution regularly

The fifth step to ensure your BI solution is reliable for financial reporting is to review and update your BI solution regularly. Reviewing is the process of evaluating and assessing the effectiveness, efficiency, and relevance of your BI solution. It involves collecting feedback, measuring results, analyzing outcomes, and identifying gaps and opportunities. Updating is the process of modifying and enhancing your BI solution to address the changing needs and expectations of the stakeholders. It involves adding, removing, or changing data sources, data transformations, data analyses, reports, dashboards, and features. Reviewing and updating your BI solution helps you to keep it aligned with the business goals and strategies.

6 Train and educate your users

The sixth and final step to ensure your BI solution is reliable for financial reporting is to train and educate your users. Training is the process of providing the necessary skills and knowledge to use your BI solution effectively and efficiently. It involves conducting workshops, webinars, tutorials, and demos. Educating is the process of providing the necessary information and guidance to understand your BI solution and its benefits. It involves creating and sharing newsletters, blogs, videos, and case studies. Training and educating your users helps you to increase their adoption, satisfaction, and engagement with your BI solution.