White paper: Evolving financial performance management beyond spreadsheets
More than half of all enterprises are still using spreadsheets for financial performance management (FPM) in some capacity. Yet the same organisations report challenges with spreadsheets due to their manual data input methods, version control issues, inaccurate data and lack of security, among other issues. Simple spreadsheet keystroke errors frequently result in reputational damage and financial losses that run into millions of dollars.
FPM is a critical function for organisations that want to manage financial and operational risk, seize opportunities with agility, plan for the future and achieve profitability goals. In today’s highly volatile business environment, FPM must now more than ever enable fast and well-informed decision-making. Spreadsheets might not be the most appropriate tool for high-performing enterprises.
Familiarity is one factor explaining continued use of spreadsheets for FPM despite known issues. Microsoft Excel is a popular application that is already installed at many organisations, and one that many finance people feel comfortable using. However, modern FPM solutions such as IBM Planning Analytics help overcome this familiarity barrier and offer the best of both worlds by incorporating Excel into their toolsets. The time is right, then, to understand the risks of spreadsheet-based FPM and to know the right criteria for evaluating new and better solutions.
Please download our white paper to learn more.