It's no secret that business and finance professionals are spending too much time on mundane tasks, and not enough on delivering insight and other value-added activities. A new survey has found that the problem is only getting worse, driven in part by overreliance on tools such as spreadsheets that are quick to set up, but extraordinarily time-consuming to manipulate in order to get reliable information.
In 2011, Quantrix surveyed business and finance professionals about their budgeting, forecasting and planning processes, toolsets used, and people involved. We repeated the survey in 2012, and gathered the results from business-to-business and business-to-consumer organizations ranging from 50 to more than 5,000 employees. Respondents were CEOs, CFOs, controllers, CIO/IT management, and departmental or other business managers.
The results of the 2012 Budgeting, Forecasting and Planning Survey show that while the process of generating budgets, plans and forecasts has stayed relatively static, business professionals are spending increasing amounts of time wrangling data and manipulating inadequate toolsets to deliver the budgets, forecasts and strategic plans that drive company decision making.