It comes as quite a surprise, then, that so many enterprises continue to rely solely on spreadsheets for their financial and operational modeling, despite the challenges that can arise with Excel. Here are some of the core issues with spreadsheet-based modeling and how you can progress toward a system that offers greater efficiency and agility.
Spreadsheets Make Collaboration Difficult
We live in a time where business has become
Performing these “what-if” scenarios is imperative to better understanding the impact of each financial decision or investment. In turn, companies make smarter business decisions.
What Is What-If Analysis?
Rather than creating a budget or a forecast based on past results, forward-thinking companies will strategically analyze what “could” happen in the future
It's the product of two companies, FrontRange and Lumension, that merged in February of 2015. HEAT was in search of a software package that could easily meet their needs for detailed headcount planning and modeling, but they were having difficulty finding a software application that would support their growing business model.
The Difficulties HEAT Software Was Encountering
Within any enterprise, financial and operational data includes a host of variables and is required to be analyzed in a variety of ways. These variables are what we call dimensions and are items such as products, departments, legal entities, accounts, scenarios, regions, time…and the list goes on and on. In order to perform this complex analysis of the data,
A recent whitepaper entitled, "Cloud-Based Modeling Helps Operations to Manage Performance and Plan its Future," delves into the need for advanced modeling capabilities and talks about the ways cloud-based EPM modeling software can facilitate greater accuracy and attention to detail.
Governance and Organization
The cloud enables more accurate and efficient modeling.
While spreadsheets have always been popular for modeling,
For fast-growing businesses, modeling requires agility, updated data, and the ability to create complex mathematical models. Yet rapidly growing businesses often find it tricky to generate precise models that will effectively inform their financial planning.
Druva, a company specializing in converged cloud-based data protection, was experiencing rapid growth and found it difficult to produce accurate financial models for their business. As a cloud-based