Benchmark Research on Next-Generation Finance Analytics Released by Ventana Researchadmin
Research finds effective use of analytics processes and technology will bring significant change to Finance.
SAN RAMON, CA, April 09, 2014 /24-7PressRelease/ — Ventana Research today released the reports detailing the findings of its newest benchmark research, on Next-Generation Finance Analytics. The research examines how Finance is using and can use advanced analytics to address the broader needs of the organization and thus increase its own value.
Cutting-edge finance departments use insights derived from analytics increasingly in every aspect of their functioning – to assess financial performance, process quality, operational status, risk and even governance and compliance. But too often today Finance has failed to take advantage of advanced analytics. More than half (58%) of participants in this research said that significant or major changes to their process for creating finance analytics are needed, while only 12 percent are satisfied with the technology they use to create and apply analytics. Much of this dissatisfaction is related to the use of spreadsheets in 71 percent of organization; in the view of two-thirds of them, this reliance makes it difficult to produce accurate and timely analytics. Organizations also are challenged with respect to time, with close to three in five (57%) taking more than six days to deliver metrics and performance indicators after the close of a reporting period.
This benchmark research examined current adoption of next-generation finance analytics and the processes, people and information used to support them. It identified opportunities and issues associated with these new capabilities and the impact they can have on the overall financial performance. The research also identified best practices to enable Finance to improve its use of analytics. For example, the research found that two-thirds (68%) of participants spend the largest portion of their time dealing with the data used in their analytics – waiting for it, reviewing it for quality and consistency or preparing it for analysis – rather than preparing analyses and deriving insights.
“Analytics have been a core discipline in the finance function of companies for centuries and that’s part of the problem,” remarked Robert Kugel, Senior Vice President and Research Director at Ventana Research. “Despite advances in technology that would substantially increase the impact and value of the analytics that finance departments deliver, few CFOs have provided the leadership to take it to the next level. To be sure, the research shows some companies are doing groundbreaking work in finance analytics. Yet a majority of companies can achieve much better results by focusing on the improving their use of technology, the quality of information they use, the processes they have for creating analytics and the training they provide employees.”
To learn more about Next Generation Finance Analytics please visit http://www.ventanaresearch.com/NextGenFinanceAnalytics. The research was supported by our partner Proformative (www.proformative.com). Ventana Research, a leading business technology research and advisory services firm, provides access to a free copy of the executive summary of the research report and other educational materials including a free educational webinar on key findings from the benchmark research.
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research’s insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook, LinkedIn and Google+. To learn how Ventana Research advances the maturity of organizations’ use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
Media: Copies of Benchmark Research report and interviews are available upon request.
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Posted: April 9th, 2014 under 24/7 PRESS RELEASE.