Implementing business intelligence in fund accounting : a case study

Abstract

PURPOSE: The aim of the study is to assess the possible implementation of a Business Intelligence (BI) system within the finance function of a local fund administrator. It looks into current systems and provides an overview of the ways how BI can improve them. The study also aims to identify the possible benefits and challenges which the case company might experience upon the implementation of a BI system. DESIGN: A qualitative approach was deemed more appropriate for this case study. Following a review of existing literature, 4 semi-structured interviews were held with the Chief Officer of the case company, as well as 3 individuals within the finance function of the case company. Another 3 unstructured discussions were held with the heads of the other 3 departments within the case company. The latter enabled a better understanding of the information flow to and from the finance function. FINDINGS: The findings of this study suggest that the benefits which BI would bring to the case company outweigh the risks and challenges which are expected. BI is a relatively new concept within fund accounting, and it therefore would provide the case company with great opportunities to increase its market share and enhance its operations. Several safeguards will need to be implemented and the case company would need to manage the changes which BI would bring. CONCLUSIONS: This case study concludes that the case company should consider implementing a BI system within its finance functions. Being a longterm process and involving a change in corporate culture, implementation should take place in the form of smaller projects which together will eventually lead to the successful implementation of BI. This will ensure management support and is more likely to result in user acceptance. VALUE: This study is expected to be of reference not only to the case company, but also to other fund administrators who may consider implementing BI within their finance function.