Many CFOs and FP&A executives still rely on spreadsheets to conduct their FP&A processes, in fact according to a recent survey from gtnews, sponsored by Wdesk, 53% still do not use systems specifically designed to provide analytical support to the FP&A function. This means that employee time is being spent performing tasks that could be performed by software.
Some could argue that this is what people are there for, to analyse and make the most of the data that is available to come to conclusions and pass this information on. In reality though, the more time that those working in FP&A have, the better analysis they can make and ultimately the most positive effects on the businesses will be made.
This kind of software has been at the basis of some of the biggest companies in the world, Oracle for instance, have one of the most mature applications that does this kind of work. Several smaller companies have also had significant impact on the ways that companies utilise their FP&A function.
It has been shown that the use of this software has significant business improvements, using excel alone is not only costly in terms of timings in this sense, but also in accuracy. Fluctuations in results are often built in to algorithms and systems as ‘human error’, through the use of this kind of technology, would this really need to exist?