Cognos launches financial application

Business intelligence vendor Cognos has launched a financial management product that is designed to boost an enterprise's insight...

Business intelligence vendor Cognos has launched a financial management product that is designed to boost an enterprise's insight into financial performance while saving time.

Cognos Finance 6.0 is a budgeting, consolidation, planning, and forecasting solution that features increased capability to integrate with other systems and Microsoft Excel.

It will provide organisations with an integrated environment with Web-based access to financial analysis and budgeting to support rapid monthly and quarterly closes, corporate budgeting processes, and integrating up-to-date results with forecasts from the field, according to company officials.

It extends global financial analysis by providing users - who may be travelling or otherwise offline - the ability to operate independently using Excel, said Delbert Krause, Cognos product marketing manager.

"We take the budget form people are required to fill out and transfer all that information and all the rules that go with it," Krause said.

The product also includes a planning module that features built-in collaboration designed to accelerate and simplify the planning process. Corporate plans can be created, shared, and returned for approval to allow users to participate in the process.

While working within the context of the corporate plan, users can ask "what if" questions based on a wide range of user-defined business scenarios, enabling them to assess the impact of their scenario before deciding on a course of action.

Finance 6.0 is also designed to allow enterprises to use existing information whether it resides in a data warehouse, a transaction system, or a supporting application. The information can be delivered within the context of the existing Cognos Finance reporting or analysis, or the solution can link up with existing application to allow the user to seamlessly move to supporting systems.

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