We recently published our 2nd annual Budgeting, Forecasting and Planning Survey. Not surprisingly, we found that business professionals are spending too much time on manual spreadsheet-based processes and not enough time doing actual analysis and decision-making. Key takeaways from the survey are as follows:
• Business and finance professionals spend almost three-quarters of their time – 72% – administering the overall process and collecting and validating data, leaving little time for value-added analysis.
• Spreadsheets continue to be dominant, but business and finance professionals are not happy about it: more than 50% report that they plan to reduce their reliance upon spreadsheets for finance activities.
• Business and finance professionals continue to spend a significant amount of time recasting budgets and responding to ad-hoc queries. Most companies – 58% – rework budgets quarterly, and half of all respondents provide four or more ad-hoc scenarios per year.
We also asked Rob Kugel, SVP & Research Director at Ventana Research, his thoughts:
“Over time, business and finance professionals find that it’s hard to modify and adapt spreadsheets for changing business conditions, and that it’s too time consuming to use them for anything more than simplistic scenario planning. But there are a new generation of spreadsheet alternatives such as Quantrix that are designed to be used by business and finance professionals, not just IT departments, which can improve their planning, forecasting, and budgeting.”
On a positive note, we found that respondents feel the business outlook is improving, as they report that “preparing for growth” is the most important driver in developing their budgets, forecasts, and plans. If your company is also in this enviable position, that’s even more reason to switch to Quantrix. Quantrix models are significantly more flexible and scalable than spreadsheets. So spend more time positioning your company for success, and less time hunched over your spreadsheets!