A lot of companies use spreadsheets – they’re cheap, relatively easy to use, and are standalone apps for the desktop. But any organization relying on spreadsheets for financial planning should read the recent research report from Nick Castellina at Aberdeen Group (Beyond Spreadsheets: The Next Level in Planning, Budgeting and Forecasting). This report calls out something that is no surprise to us at Quantrix: top-performing organizations take a “beyond spreadsheets” approach to budgeting, forecasting, and planning.
In addition to security, challenges with version control, and problems accessing data, spreadsheets simply aren’t as nimble and agile as most businesses need for decision-making. Aberdeen’s research finds that organizations that use a beyond-spreadsheets approach are more than twice as likely to have real-time updates to financial metrics. They can better track performance against budget on an ongoing basis, and they can reforecast as market conditions change.
The report calls out one of the strengths of Quantrix – the ability to create “what-if” scenarios. Those who can generate scenarios can create more informed plans, and set contingencies for certain events. Moving beyond spreadsheets enables organizations to make adjustments to the business that improve productivity, revenue, and operating margins.
In all, organizations that Aberdeen defines as “best in class” are 71% more likely to take a “beyond spreadsheet” approach to financial planning.
To that, we say “amen” – and recommend that anyone relying on spreadsheets alone check out Quantrix. We’d love to help you become best-in-class!