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Next year the company will add life-cycle management capabilities to its flagship Essbase XTD business intelligence software, which will provide users with insights into budgets, individual business projects and other data in an automated way.
The software will help customers create repositories of data related to business performance that users can access without having to fish through files and documents or seek information from other workers, said Hyperion chief technology officer John Kopcke. "We're trying to remove trial and error from the [decision-making] process," he said.
For example, users in sales, finance and marketing departments would be able to look into the metrics behind business plans, budgets and individual projects, and then see how the data has changed over time. They will also be able to record changes and analyse why they happened, depending on the business rules that have been built into the software.
The technology will provide a forum for companies to store comments that explain alterations to historical financial data or business projections. Kopcke declined to provide a specific shipment date for the new software.
"This is a valuable capability that people don't appreciate until they make an invalid comparison based on bad assumptions," said Mike Schiff, an analyst at Current Analysis. He added that the data-tracking functionality being promised by Hyperion is akin to the bills of material that manufacturers use to keep track of the different components they use to make products.
Schiff said the only other software vendor he knew of that is doing something similar is Kalido, a London-based developer of data warehousing and business reporting tools.