Survey of Financial Directors and CFOs Finds Spreadsheets Still Widely Used

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21st October 2013 16:51 - Financial Services

New market research with Finance Directors and Chief Financial Officers suggests that whilst more than half (54%) believe good working partnerships and collaborative efforts between company departments are key aspects of business growth, 50% of respondents continued to rely on spreadsheets to manage commercial performance. This is perhaps even more interesting when as many as 81% of those surveyed remarked on the importance of accurate and up to date data.

The survey, carried out by Telentia Software, found that around a quarter (24%) blamed a lack of collaborative working as something which hampered the reporting and budgeting process.

Almost three fifths (57%) of those who responded to the survey suggested that they had made rolling forecasts their preferred method of ensuring that budgeting, forecasting and reporting is more efficient in the last five years. More than two fifths (46%) felt that budgeting, and the speed at which budgeting decisions can be made, is integral to corporate performance.

There was concern among around half (53%) about the time it takes to forecast and report vital data. That said, many organisations are beginning to adopt CPM systems – with efficiency being cited as the key driver behind this investment for half of respondents to this survey. Two fifths currently utilise a mixture of integrated CPM systems, budgeting, consolidation and reporting applications, and spreadsheets in order to gauge performance.

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