Cognos, the business intelligence and performance management solutions software maker, has released Cognos 8 Controller version 8.2, an update to the Cognos 8 Controller. Controller 8.2 is a Web-based solution that allows finance organizations to automate the entire close process–from data collection to consolidation to output–while reducing the close cycle and ensuring data integrity.

A key enhancement to Controller 8.2 is its data lineage capability, which allows finance to know the date and time stamp of when data has been accessed or loaded and maintain an original unchanged version. "Keeping an original view of the source data is critical for financial data quality and important for understanding and dealing with the whole compliance requirements on audit," says Delbert Krause, director of performance management product marketing for Cognos.

Controller 8.2 leverages the Cognos 8 data service model as an input and output control mechanism, notes Krause. Its integration with Cognos 8 Planning and Cognos Business Intelligence provides a single business interface to heterogeneous operational and financial data, leveraging Cognos BI's analytics to support decision-making requirements.Finally Controller 8.2 includes advanced consolidation techniques. Different nations and financial jurisdictions are continuously changing their regulatory and financial reporting requirements. Controller 8.2 includes deep domain capabilities to support changing regulatory reporting needs. With companies expected to spend an estimated $23 billion this year on BI and performance management software, the consolidated financial reporting capabilities of Controller 8.2 represents an important entry point to the CFO–and an opportunity to then sell other Cognos products, notes AMR Research analyst John Hagerty. "First, if Cognos wants to work closely with the CFO [a consolidated financial reporting capability] is something they need to have. Second, Controller 8.2 is part and parcel of a broader offering to the CFO, which includes planning software and BI. And third, they've integrated Controller into the overall Cognos architecture," says Hagerty. "Overall, the Controller product from Cognos is an absolute necessity as part of a broad portfolio for the CFO."