International Journal of Computer
Trends and Technology

Research Article | Open Access | Download PDF

Volume 72 | Issue 5 | Year 2024 | Article Id. IJCTT-V72I5P114 | DOI : https://doi.org/10.14445/22312803/IJCTT-V72I5P114

Enhancing Product Strategy in Financial Institutions: The Transformative Role of Business Intelligence in Financial Ledger Analysis

Manoj Kumar Vandanapu, Jagjot Bhardwaj

Received Revised Accepted Published
13 Mar 2024 18 Apr 2024 30 Apr 2024 14 May 2024

Citation :

Manoj Kumar Vandanapu, Jagjot Bhardwaj, "Enhancing Product Strategy in Financial Institutions: The Transformative Role of Business Intelligence in Financial Ledger Analysis," International Journal of Computer Trends and Technology (IJCTT), vol. 72, no. 5, pp. 111-117, 2024. Crossref, https://doi.org/10.14445/22312803/ IJCTT-V72I5P114

Abstract

The article explores the pivotal role of Business Intelligence (BI) in enhancing strategic decision-making within large multinational financial institutions. As these organizations increasingly depend on detailed product-level insights for new product development, traditional financial ledgers often fall short due to their lack of granularity and specificity. This paper highlights how BI platforms can transform these limitations by converting broad ledger data into actionable insights tailored for product teams. The research begins with a historical overview of financial ledgers, detailing their evolution and fundamental role in financial reporting but also pointing out their inadequacies in providing deep business analysis or insights at the product level. It then transitions into the core of BI’s impact. It illustrates how modern BI tools transcend traditional ledger functionalities to offer rich, detailed analytics that empower product teams with precise data for product development and strategy enhancement. The paper further describes the methodologies that can be utilized to convert ledger data into valuable business insights, emphasizing the creation of mapping tables that correlate ledger data with specific business metrics. Through a case study, the article demonstrates the application of BI in a multinational bank, showcasing how the bank leveraged BI tools to delve deeper into product profitability, which significantly informed their strategic decisions on product development and marketing. Moreover, the study discusses the challenges and solutions related to integrating BI tools in financial institutions, such as data complexity and the need for robust data integration and management capabilities. It concludes by addressing the potential future directions of BI in financial analysis, with a particular focus on the integration of machine learning and artificial intelligence, which promise to further revolutionize the field by enhancing analytical capabilities and predictive accuracy.

Keywords

Business Intelligence, Finance and Accounting, Product Strategy, Data Analysis.

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