Cartesis, a world-leading specialist in finance and performance management software, announced the results of its annual planning survey, which measures financial executives' views on business forecasting from around the world.
Notably, the survey found that 80 percent would like to improve the accuracy of their forecasts and 60 percent would like to reduce the time spent on them. By doing so, say executives, they will improve both business performance and risk management capabilities.
Executives surveyed said collaboration among the finance and operation staff,is a critical piece of building more accurate forecasts. Nearly 60 percent of respondents say that improving "what if" scenario creation is a priority and more than half say that "driver-based forecasting with a combination of financial and operational" information is central.
"Corporate finance executives are under tremendous pressure to produce better reports and forecasts for management, their board of directors and of course regulators," says Kathleen Wilhide, research director, Compliance and BPM solutions at IDC. "Accuracy and auditability requirements are moving companies to adopt information management initiatives that drive consistency and reliability and replace manual, spreadsheet intensive reporting processes. These initiatives include performance management solutions, like Cartesis 10. While spreadsheets will probably always be part of the reporting process, companies should strive to build a single source for trusted financial information while integrating a more controlled use of spreadsheets."
More than 320 senior-level financial executives participated in the survey, from a wide range of public and private companies. Roughly half of the respondents came from the U.S. while the remainder were spread throughout Europe. The results of this survey are available on www.cartesis.com.
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