Introduction

Most executives recognise the value and importance of Business Intelligence. In the current environment, the ability to analyse the vast quantities of data that banks hold can set one firm aside from their peers. Somewhat unsurprisingly, Gartner ranks BI among the top ten strategic technologies for firms during 2009.

The high level of flexibility of OLAP systems gives business managers the ability to model complex problems that previously would have been near impossible using traditional two-dimensional database technology.

Key findings

• Introduction to Online Analytical Processing - The main driver behind the conception of OLAP is the need for firms to convert the vast quantities of data they store into valuable, useable information. While traditional data warehouses rely on relational database technology, OLAP systems use a multidimensional view, allowing faster analysis of the underlying data. This approach also allows users to dissect data into a series of levels, enabling them to extract strategic information from the analysis.
• Benefits – The flexibility of OLAP systems means business users of OLAP applications are no longer as dependant on developers. OLAP systems make managers far more self-sufficient and allow them to model problems that would be impossible in less flexible systems.
• Vendors – While there are a few other players in the OLAP space since Oracle’s acquisition of Hyperion, the key vendors have been Microsoft and Oracle. Oracle likens their two OLAP products to twins, which “share characteristics, but are individual and have their differences”. Further to this, they state that the two solutions are not mutually exclusive and in fact work best together.

Conclusion

Use of OLAP systems allows managers to operate self-sufficiently and identify strategic information that might have otherwise been overlooked. In the current environment, such opportunities could prove invaluable to the business.

Ultimately, OLAP solutions can offer cost savings, improved IT efficiency and increased business productivity, all positive traits that banks will be looking for in the current economic climate.  

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Tagged with: 2009, OLAP, Technology Research Report