Essbase is a business intelligence technology with an eco-system of tools that is aimed at solving decision support needs of organizations. The name “Essbase” derives from Extended Spreadsheet Database. As the name implies, Essbase was developed as a solution to solve important limitations of spreadsheets and the complexity of managing relationship databases:
- Each spreadsheet is limited by the amount of data it can store. As the spreadsheet contains more data, aggregation and calculations starts to cause performance (calculation speed), and interpretation issues (human errors, size of data becomes overwhelming);
- Each spreadsheet is limited by how the data could be shared. Typically the same dataset could only be operated by one person at any one time.
- Building of relational databases requires tremendous technical knowledge and is usually out of reach for most non-technical financial analysts.