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Databases for Finance and Accounting Professionals
As a Chief Financial Officer (CFO), finance or accounting professional, understanding the landscape of database technology is crucial for strategic decision-making, especially when it comes to investments in IT infrastructure and data management solutions.
I found this infographic on LinkedIn and it provides a concise overview of the various types of databases available and how they can be leveraged within your organization.
Image credit to Jillani Soft Tech
Relational Database
At the core of traditional data management lies the relational database. It organizes data into tables, which can be linked by defined relationships, making it excellent for structured data.
Finance professionals often rely on relational databases for precise, complex queries that require data accuracy and integrity, such as in accounting systems or transaction processing.
Graph Database
Graph databases are designed to handle data whose relationships are as important as the data itself.
They are ideal for understanding and navigating connections, which is beneficial for financial fraud detection, network analysis, and risk management.
