A recent survey by CFO Research, sponsored by Host Analytics, found that while more than half — 54 percent — of respondents still use spreadsheets/email for their budgeting process, only 6 percent are “very satisfied” with their current system.
If you’re one of them, it means your Halloween season is filled with spreadsheets, email, and manually stitching them all together — a 'Frankenstein' approach to the budgeting process.
The survey also showed that more companies are feeling the pressure to provide better tools and technology to support decision-making, 74 percent over the next 12 to 18 months.
The pressure is being felt because without an enterprise performance management (EPM) system, you are pushing Excel too far. This leads to errors, poor decision-making, and a reduced ability to address business opportunities and risks. As a result, adoption of cloud-based EPM solutions is on the rise as companies eye opportunities to improve data integrity, reduce errors, increase collaboration and provide greater visibility into business performance metrics.
Be sure you are one of the companies that makes the move. Don’t get stuck with this cursed process ever again!
With an EPM solution like Host Analytics, you can take the scare out of the planning and budgeting process by automating them in an integrated platform.
- Modeling functionality allows you to easily build your driver-based long-term models whether for revenue or high-level business plans.
- Once the long-term models are set, create your budget in a purpose-built application that streamlines Opex, Capex Workforce and strategic initiatives planning – accessed over the web by business users and finance.
- As actuals start rolling in, model your 'what-if' analysis and scenarios and use them to update your forecast whether periodic or continuous.
Make this year’s 'Frankenstein' budget your last. Let Host Analytics help.
Download our Buyer’s Guide to EPM to take the first step now. And then make moving to EPM and Host Analytics your New Year’s resolution.