SAN RAMON, CA, April 9, 2014 - Ventana Research today released the reports detailing the findings of its newest benchmark research, on Next-Generation Finance Analytics. The research examines how Finance is using and can use advanced analytics to address the broader needs of the organization and thus increase its own value.
Cutting-edge finance departments use insights derived from analytics increasingly in every aspect of their functioning – to assess financial performance, process quality, operational status, risk and even governance and compliance. But too often today Finance has failed to take advantage of advanced analytics. More than half (58%) of participants in this research said that significant or major changes to their process for creating finance analytics are needed, while only 12 percent are satisfied with the technology they use to create and apply analytics. Much of this dissatisfaction is related to the use of spreadsheets in 71 percent of organization; in the view of two-thirds of them, this reliance makes it difficult to produce accurate and timely analytics. Organizations also are challenged with respect to time, with close to three in five (57%) taking more than six days to deliver metrics and performance indicators after the close of a reporting period.
This benchmark research examined current adoption of next-generation finance analytics and the processes, people and information used to support them. It identified opportunities and issues associated with these new capabilities and the impact they can have on the overall financial performance. The research also identified best practices to enable Finance to improve its use of analytics. For example, the research found that two-thirds (68%) of participants spend the largest portion of their time dealing with the data used in their analytics – waiting for it, reviewing it for quality and consistency or preparing it for analysis – rather than preparing analyses and deriving insights.
"In a day and age where data has become more easily available, the opportunity for Finance to become efficient in analytics to drive the best possible financial performance across the organization should not be that difficult to seize," said Robert Kugel, SVP and research director at Ventana Research. "Unfortunately the potential to exploit finance analytics is yet untapped for most finance organizations due to the lack of best practices and modern technology. The long-term strategic potential of Finance is intertwined with the sophistication of its ability to apply finance analytics to the business."
To learn more about Next Generation Finance Analytics please visit http://www.ventanaresearch.com/NextGenFinanceAnalytics. The research was supported by our partner Proformative (www.proformative.com). Ventana Research, a leading business technology research and advisory services firm, provides access to a free copy of the executive summary of the research report and other educational materials including a free educational webinar on key findings from the benchmark research.
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