Most firms understand that financial planning is a critical aspect of commercial success. Hence, it is not surprising that they are spending a significant amount of time and money on this endeavour.
Several businesses would like to spend time on planning, but complicated systems usually prevent this from taking place. The absolute number of spreadsheets being used in financial planning, along with the huge quantity of data that has to be managed is an obstacle to planning more regularly.
Complexities in the enormous quantity of data, combined with the labour intensity needed to accumulate, evaluate and report on this information, could often be a drain on critical resources in the finance department.
However, it is an objective that is worth pursuing. By leveraging extremely insightful and efficient data, and by eliminating the barriers to more frequent planning, finance personnel would be able to understand robust business intelligence and thereby become a crucial asset to the business as a whole.
The technology in several finance departments is outdated. Therefore, current solutions, which are often reliant on spreadsheets, fall short and prevent the finance function from achieving its correct potential.
During the automation of critical processes, finance departments have to often select between flexibility and control, but the reality is that finance departments need both. Solutions of this type would not only protect against expensive errors, but would also enable finance functions to plan regularly and efficiently, bringing more value to the business.
The continued dependence on spreadsheets highlights the insufficiency of several alternative solutions. The finance departments require a system that combines the flexibility of spreadsheets with the control available in alternative options.
By using a flexible solution that finance personnel can customize to meet their different requirements, businesses could easily overcome their dependence on spreadsheets. These new solutions are able to deliver the control required for consistent and precise data, enabling businesses to decrease or eliminate errors.
Firms that are able to use business intelligence would find that their financial personnel can concentrate on analysis and planning. The benefits of this method would be seen in the insight which finance statistics deliver, and also in the regularity with which departments would be able to complete their planning cycles. Finance departments would be able to fulfil the role expected of them by the existing businesses.
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