Survey finds routine tasks dominate business and finance professionals’ time, leaving little for in-depth analysis; many report plans to reduce reliance on spreadsheets for finance activities
PORTLAND, ME – April 17, 2012 – Quantrix has announced the results of its 2012 Budgeting, Forecasting, and Planning Survey, which queried business and finance professionals about their forecasting and budgeting processes, the elements they measure, the tools they use, and the data they provide. This survey updates information from the 2011 survey, and finds that while business and finance professionals are more upbeat about the economy, they are dissatisfied with spreadsheets as a budgeting and forecasting tool. Quantrix develops Quantrix Modeler, a business modeling and analytics (BMA) software solution.
“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,” says Robert Kugel, SVP & Research Director – Business Research at Ventana Research. “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.”
Top-line results from the 2012 Budgeting, Forecasting, and Planning Survey include the following:
- The business outlook is improving, as survey respondents report that “preparing for growth” is the most important driver in developing their budgets, forecasts, and plans.
- 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.
The survey finds that the financial planning and analysis process involves a complex array of people and tools, and too much time and effort is wasted in non-essential tasks. These pressures can only be overcome with robust toolsets that enable professionals to gather, analyze, model, and share data efficiently and effectively. Quantrix Modeler is a multi-dimensional business modeling and analytics software solution that enables financial professionals to break away from the restrictions of spreadsheet technology and enterprise business intelligence applications to quickly develop financial models of the highest integrity, flexibility, and transparency.
To download a PDF copy of Quantrix’s 2012 Budgeting, Forecasting, and Planning Survey, click here.
Quantrix’s business modeling and analytics (BMA) solutions and services enable companies to develop accurate, secure, and dynamic forecast, budget, planning, risk, and data models. Quantrix Modeler provides unprecedented business intelligence and improved business performance management to customers in 50 countries. It delivers rapid return on investment by empowering business and financial professionals to break away from restrictive two-dimensional spreadsheets and complicated modeling and business intelligence tools. Quantrix Modeler is available directly from the company and from its partners in the United Kingdom, Ireland, China, Australia, New Zealand, Germany, Mexico, Chile, South Africa, the Philippines, Italy, and Brazil. Quantrix is an independent business unit of IDBS, a leading worldwide provider of data management, analytics, and modeling solutions. For more information about Quantrix Modeler, or to activate a free 30-day trial, visit http://www.quantrix.com or call +1 207.775.0808.