Quantrix periodically surveys customers to discover trends in business and finance, and the most recent edition of our Business Planning Survey uncovered some distinct challenges in the profession.
Challenges with tool sets: Many users who must interpret data from a variety of model sources, including spreadsheets, listed deciphering model formulas as a top challenge. They also noted how difficult it was to find an efficient way to get data into a model.
Challenges with information: Few models are created using information and data from one source, so it is no surprise that users cited the problems of getting timely and comprehensive data as a top information challenge.
Challenges with collaboration: Most models are developed to provide insight to numerous members of the team. Yet business and finance professionals cited access as a top challenge – they need tools that enable simultaneous access to multiple users. Version control was another top challenge, citing difficulties of reconciling models that are passed around for input.
These challenges are legitimate – it’s difficult to make business decisions when you can’t figure out how data within a model is calculated, or when you’re not sure if you have the right version of a model. But none are insurmountable. All of these challenges can be solved with modern toolsets. Quantrix Modeler, for example, uses natural language formulas that are visible simply by clicking within the model. It tracks versions easily, and also “rolls up” multiple models into a concise, easy-to-understand consolidated model. Additionally, you can easily share your models with others in your organization via the interactive web enabled Quantrix Qloud.
The real challenge isn’t the lack of availability of the right tool sets, it’s the fact that too many organizations are reluctant to break away from the tools that they have outgrown. Inertia can be a powerful force, but we’ve seen the results that multiple customers have achieved when they deploy Quantrix. A business professional will use Quantrix for a limited purpose or within a single division, and when he or she shares models with others in the company, they quickly understand the benefits of a better modeling solution. Many Quantrix sales start out small, but quickly become enterprise deployments
If you’re interested in solving your business challenges, check out Quantrix Modeler for a 30-day trial.
What challenges do you face in your day to day modeling needs? Use the comments field in this blog post to let us know.