FSN Global Study on The Future of Financial Reporting Finds Processes Teetering on the Brink
Skyrocketing data volumes and underfunding causes reporting ecosystem crises in many companies
A new study on the Future of Financial Reporting by the FSN Financial Forum finds most currently-used reporting processes are incapable of handling today’s explosion of data input volumes, and are further undercut by decreased headcounts in many corporate Offices of Finance.
Based on a recent global survey of 977 finance professionals, the study found that significant strategic data are often distributed across several legacy systems that are poorly connected or not connected at all, often totally inaccessible to corporate systems because they are locked in Excel spreadsheets on individual laptops. Further, the study concludes that processes dependent on many Excel spreadsheets are incapable of supporting self-service analyses and reporting.
Download the full study at http://www.board.com/en/fsn-future-financial-reporting
FSN Publisher Gary Simon noted in the study’s introduction, “The survey found a process that is teetering under the strain of new information demands, a spreadsheet-spiral™, inappropriate technology and the unwillingness of boards to add to the finance function headcount. For the first time, this report pinpoints why spreadsheets are spiraling out of control, and how this sets up a chain of events that ripples all the way through to the boardroom."
“To make the strategic decisions required to remain competitive, organizations and the board they are accountable to need trustworthy reporting that is agile enough to adapt as business models change, but the survey reveals a very different picture,” said Mr. Simon
“But we also shed light on how the spreadsheet-spiral™ can be broken using unified transaction and performance management systems that can more easily change as the organization changes, probably in the cloud,” added Mr. Simon.
BOARD International Founder and CEO Giovanni Grossi commented, “We congratulate Mr. Simon and FSN for spotlighting a major market issue that has been rapidly driving adoption of our unified BOARD platform for financial reporting, analysis, forecasting, and consolidation around the world. We too have seen how unified and agile financial reporting systems, like the BOARD platform, are the solution to these crises for companies of all sizes. The FSN study’s findings validate the very reasons we have maintained an agile and unified platform, and the obvious advantages it gives our customers."
“There is a clear need for unified performance management systems capable of integrating data coming from diverse sources, to ensure information integrity, and to easily adapt to organizational changes, thus making it possible for business users to achieve full self-service capabilities."
“This is exactly what BOARD has been working to deliver over the last two decades: a decision-making platform for enterprises, capable of breaking data-silos and of leveraging data to properly address the reporting processes within the same unified and interactive environment for planning, analysis and simulation processes,” added Mr. Grossi.
BOARD is the #1 decision-making platform for organizations of any size. Founded in 1994, BOARD International has enabled more than 3,000 companies worldwide to rapidly deploy Business Intelligence, Corporate Performance Management and Predictive Analytics applications on a single unified and programming-free platform. The BOARD platform allows companies to achieve a single, accurate and complete view of business information with full control of performance across the entire organization, from strategic formulation down to operational execution. Thanks to its programming-free toolkit approach, global enterprises such as H&M, KPMG, DHL, Mitsubishi, NEC, Puma, and Siemens have rapidly deployed end-to end decision-making applications in a fraction of the time and cost associated with traditional solutions. Headquartered in Chiasso, Switzerland, and Boston, USA, BOARD International has 21 offices around the world and a global reseller network. BOARD has been implemented in more than 100 countries.