Financial reporting in companies is used for
- performance monitoring
- sales forecasting
- customer relationship management
- project management
- enterprise resource planning
- procurement, inventories and logistics
- contract and supplier management
- official reporting.
All these functions are based on the same data, the processing of which often requires in-house or outsourced manual work. When information is retrieved and collected from a variety of different sources, the likelihood of human error is multiplied.
The aim is the reduce routine manual work.
The aim of the Real-Time Economy project is to harmonise the data models used as a basis for data processing. Using harmonised data models as a basis, systems and services can communicate with each other across interfaces without manual data transfer.