Asia, a hub of rapid economic growth, is still hindered by planning tools and practices from the last millennium. This makes it difficult – impossible, even – for Asia’s CFOs to see the complete picture. CFO Innovation conducted a research study on Financial Planning and Forecasting. They surveyed 120 finance executives about their companies’ planning, forecasting, and modeling processes.
The report found that the vast majority of CFOs were resoundingly underwhelmed by their current planning methods – in terms of ease of use, timeliness, and accuracy. Perhaps it’s no coincidence 67% of companies still use Excel for planning – yet satisfaction levels for the planning and forecasting process increase as the use of spreadsheets decrease.
So what is the verdict? It’s time to move away from the shackles of legacy tools and spreadsheets, and finally make the move to the future of planning.