What is BI, including a discussion on digital dashboards

Task You have been recently employed as an accountant for Laurel Pty Ltd, an Australia manufacturer of car parts. The CEO, Mr Laurel, is looking to expand the business in the coming years and is seeking some advice from you. Mt Laurel is concerned about some areas of the expenditure process and has asked you to analyse their processes for inventory management, from purchase to when it is used in the manufacturing process. Additionally, as Laurel Pty Ltd are looking to further evolve their business, Mr Laurel is seeking advice on the introduction of Business Intelligence (BI) and digital dashboards. To assist you in your review, Mr Laurel has prepared a summary of key information, which will be available in Interact. Using the information provided to you, prepare a business report to Mr Laurel, the CEO, addressing the following: 1. Identification of: a. internal control weaknesses relating to Laurel Pty Ltd’s inventory management and expenditure process; (2.5 marks) b. the impact these weaknesses could have on the organisation; and (2.5 marks) c. specific internal controls which could be implemented by Laurel Pty Ltd in the coming months to mitigate the weakness posed by the internal control weaknesses you have identified. Note that they do not want theoretical controls suggested. You need to include practical controls that they can implement. (5 marks) 2. A analysis of how the introduction of business intelligence could impact on the organisation, taking into account: a. What is BI, including a discussion on digital dashboards? (3 marks) b. How will the use of BI and digital dashboards impact on Laurel Pty Ltd, including a consideration of the following areas: (4 marks) i. Management decision making; and ii. Efficiency of the manufacturing process.