Financial Analytics is defined as set of tools which would increase financial profitability of the company. By using financial analytics, changes in financial environment would be analyzed which will determine potentiality of the company in future. To support strategic decision analysis of financial and accounting terms is required which also helps to have a key analysis of the trends emerging in business. Financial analytics leads to techniques and tools required to predict the future. It is projected that the financial analytics market would grow exponentially due to developments in business analytics and business intelligence.
The financial analytics market has wide application such as BFSI (Banking, Financial Services and Insurance) sector. These services are used for analyzing financial stature of a company such as techniques to represent data in graphical formats. By using graphical representation, complexity of data is minimized which would help to understand financial aspects with use of upgraded financial techniques. Other than BFSI sector financial aspects have wide applications such as government, Information technology (IT), entertainment, media, retail and consumer goods, manufacturing, among the others.
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The market can be segmented according to the type, applications, verticals, and organization size. On the basis of type, the segmentation can be further classified as visualization tools and OLAP (Online Analytical Processing), support and consulting services, data integration tolls, among others. The financial analytics market has broad applications such as receivable management, general ledger management, and profitability management among the others. The major players of the market include TIBCO, IBM, SAP, among the others. These companies provide and are developing financial analytics solutions either integrated as BI suites or as individual sectors.