In the previous post, we examined the first three biggest Excel spreadsheet failures. In this post, we will go through the remaining four examples of why spreadsheets can become a finance professional’s worst nightmare.
Dana-Farber Cancer Institute has been able to slash the time required to complete their budget process by 40 per cent. And this is just one of the many benefits of an Enterprise Performance Management system.
Spreadsheet software like Microsoft Excel has long been indispensable to organisations thanks to its ubiquity, versatility, and ease of use. Such attributes, however, also make spreadsheets particularly susceptible to human errors, as demonstrated by the following cases.
How can a hotel chain whose properties are located in many different countries reliably provide its financial professionals with advanced forecasting and reporting capabilities around the clock and across multiple devices? Find out how Kempinski Hotels - the Europe’s oldest luxury hotel group – achieved such a feat.
The real estate industry, for the most part, has not been well known for being technology intensive. This nature may soon disappear, however. Data analytics is transforming how real estate companies, customers, and financial institutions do business in this industry.
Much is written about the significance of metrics on tracking the execution of strategy and operational effectiveness. However, many executives find the plethora of metrics to be overwhelming and costly to track. “What key metrics should I track and why?” is one of the commonly asked questions. Although there is no such easy answer to this issue, the principle of “less is more” usually holds true.
To cloud, or not to cloud, that is the question. For enterprise applications, “cloud” is no longer a buzzword but increasingly becoming a prominent trend. Cloud-based ERP (Enterprise Resource Planning) solutions, offered as Software-as-a-Service (SaaS), offer significant advantages over other legacy on-premise solutions, which are locally installed on companies’ servers and computers.
The role of modern CFOs in today’s business is much broader than it used to be. They are expected to use technology and their “number-crunching” capability to give other functions as well as the whole business better information to make decisions and move ahead. One key area in particular where CFOs should get involved more is sales forecasting.
Companies are adopting innovative enterprise solutions to help them stay ahead of their competitors. Nevertheless, many still rely on spreadsheets to perform vital financial functions. It is not a promising way for companies to remain relevant in this new digital economy. An EPM (Enterprise Performance Management) application could be the ultimate alternative to using spreadsheets.