Multi-Source Data Normalization for Custom Financial Reporting
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Solution Overview
Problem
Existing accounting software lacks the ability to provide customized data analyses, reporting, and forecasting tools that enable sub-units within a multi-unit organization to gain meaningful insights into their performance relative to peers, with a need for automated data manipulation and identification features.
Innovation Solution
The system provides methods and apparatus for customizable data analyses, reporting, and forecasting by receiving selections for financial and non-financial parameters, filtering and manipulating data, anonymizing it, and generating stylized reporting structures, while allowing sub-units to drill down into their financial data and exclude certain metrics from display.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Quantity of substance
If data from multiple sources with different formats is aggregated, then the quantity of available data increases, but the complexity of data processing and formatting increases
Solution Approach 1:
The patent applies parameter changes by transforming data from various sources into a standardized format with consistent parameters. The system identifies and standardizes key parameters such as account names, account types, and financial metrics across different data sources, enabling uniform processing and analysis while maintaining the quantity and diversity of the aggregated data
2Measurement precision
If detailed financial data is provided to all sub-units, then the precision of performance analysis improves, but the loss of sensitive information increases
Solution Approach 1:
The patent implements local quality by providing different levels of data detail to different sub-units based on their specific needs and authorization levels. The system allows each sub-unit to access detailed financial data relevant to their own performance while automatically masking or aggregating sensitive information related to other sub-units, thus maintaining both analytical precision and information security
3Adaptability or versatility
If customized reporting features are added for different sub-units, then the adaptability of the system improves, but the device complexity increases
Solution Approach 1:
The patent applies universality by creating a standardized reporting framework that can serve multiple sub-units with different requirements. The system uses a common data structure and formatting template that can be universally applied across all sub-units, while allowing customization through parameter selection rather than requiring separate complex reporting systems for each sub-unit
Data Source
AI summary
Methods and apparatus for the formatting of data values that may be arbitrary or indeterminate collected from a plurality of sources are provided. In one embodiment, a centralized web application is accessed by an administrative user to create and distribute a standardized chart of accounts for normalization, collection, and storage of data from units associated with the multi-unit organization. The stored standardized chart of accounts data is selectively identified, filtered, anonymized, excluded/hidden from view, manipulated and/or other various calculations are performed in order to carry out data analyses and other operations. Such apparatus and methods enable abstraction of useful information from the collected and stored chart of accounts data across a range of units having similar and varying characteristics.