Post by account_disabled on Oct 26, 2023 2:23:17 GMT -6
Reporting only considers performance and is inconsistent Annual budgets and forecasts are often based on historical data Most budgets focus primarily on elements such as profit and loss and financial balance sheets. Additionally, this data often comes from different teams and companies who use different systems and terminology to develop individual budgets. To make matters worse, in many companies teams must request reports from departments in order to create individual budgets. All these activities lengthen the entire process.
Which of course takes its toll on the organization. Companies must contend with the weight of all the information and the lack of integration between different units and regions. Any differences that arise make integration difficult and obtaining one version of the truth very difficult. Unfortunately, many existing business intelligence tools are based only on moible number data reporting facts and forget about predictions, which is very important. Companies should compare current actual figures with budgets and medium-term forecasts to assess performance.
Identify any operations that are not performing as expected and, most importantly, predict future results. Without the ability to consider facts and plan future actions in a unified context, CFOs cannot make informed decisions and align company operations with their strategic plans. This often results in inappropriate decisions and drastic adjustments unrelated to the strategy implemented, if any, resulting in our poor financial performance. Spreadsheets are inefficient. The spreadsheet is a great tool but definitely does what it was designed to do.
Which of course takes its toll on the organization. Companies must contend with the weight of all the information and the lack of integration between different units and regions. Any differences that arise make integration difficult and obtaining one version of the truth very difficult. Unfortunately, many existing business intelligence tools are based only on moible number data reporting facts and forget about predictions, which is very important. Companies should compare current actual figures with budgets and medium-term forecasts to assess performance.
Identify any operations that are not performing as expected and, most importantly, predict future results. Without the ability to consider facts and plan future actions in a unified context, CFOs cannot make informed decisions and align company operations with their strategic plans. This often results in inappropriate decisions and drastic adjustments unrelated to the strategy implemented, if any, resulting in our poor financial performance. Spreadsheets are inefficient. The spreadsheet is a great tool but definitely does what it was designed to do.