A notably shocking statistic from CFO Magazine: “A recent survey found that more than half of senior finance executives–55%–say their companies use spreadsheets shared via email as their budgeting, planning, and forecasting (BPF) system.”
More Than Half of Respondents Still Use Email and Spreadsheets for BPF
We don’t know which part of the statement is more shocking—the fact that more than half of the respondents are attempting to get everyone on the same page by relying on endless email chains to collaborate, or that they are using software that’s dangerously flawed when attempting to complete necessary budgeting and planning initiatives.
It’s easy to see why spreadsheets would often be the choice of financial professionals in the budgeting and planning process—they’re familiar, they come as part of the Microsoft Office suite, and they are also somewhat useful for basic measurement and analysis. However, when managing the budgeting and planning process at an organization, these error-prone, manual-process tools are ill equipped to handle the intricacy and complexity of this process.
But these financial professionals are seeing that their current processes and technologies are ill equipped to handle the needs and have noticed that there is a push towards faster and more accurate budgeting, planning, and forecasting—71% say that the pressure to deliver faster BPF data will increase substantially over the next 12 to 18 months, as well as seeing a push towards integration in BPF.
Notably, they have realized that spreadsheets are not the answer and they are putting in effort to find an enterprise-ready solution that facilitates their budgeting, planning, and forecasting processes while reducing errors and providing increased flexibility.
The entire CFO.com report discusses the challenges that organizations face in the BPF process, explores why the traditional spreadsheet-laden BPF process doesn’t work, and shares some of the key reasons that CFOs should consider as they transition to cloud-based enterprise performance management (EPM) solutions including:
- Why finance needs to phase out spreadsheet-based planning and reporting
- The benefits of cloud-based technologies to streamline planning and reporting
- The advantages of partnering with IT and business leaders to transform EPM
- A look to the future of EPM solutions
Download What CFOs Need to Know About Enterprise Performance Management to learn more about transitioning to a cloud-based EPM solution.