Software vendors have begun to introduce new, more advanced analytic applications that are more accessible and no longer require a trained statistician. This next-generation of finance analytics capabilities may make it possible to access and analyze new forms of data, including large-scale data. Implementing such initiative holds great promise but requires an in-depth understanding of options, functional requirements and best practices. Few finance organizations have done the evaluations necessary for selecting the right analytic methods and tools and using them properly.

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