January 31, 2008 - Companies have made considerable progress in addressing financial and management needs, but are a long way from providing the next level of information to improve performance, according to Ventana Researchs new research, Financial Performance for the 21st Century.
For most corporations, the research finds, the key barriers to improving financial performance management often are hidden from people in the finance function. These include information technology infrastructure complexity, poor alignment and communication of strategy as well as poor utilization of the available information and analytical tools.
According to Ventana Research, only 14 percent of companies manage to their strategy, even if they have one that is well-defined and well-communicated. Only 2 percent of respondents understand how their department or business units strategic objectives relate to objectives for other departments or business units. Most organizations lack information adequacy and do not have financial information management investments like data warehouses to support efforts.
The research, sponsored by Teradata, is based on an analysis of hundreds of respondents from all major industries. The benchmark was conducted with the assistance of media partners Business Finance Magazine and the Institute of Management Accountants.
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