Even the best ERP systems do not enable the analytical flexibility and insight that financial analysts require, according to a survey sponsored by business intelligence software developer Tereadata.
It finds 71% of 360 respondents saying they struggle to collect data from multiple sources and perform analyses needed to answer unanticipated financial performance questions.
Nearly half also reported difficulty trying to integrate ERP data with other operational and legacy system information – and said these challenges limit visibility into business dynamics affecting financial results, thus delaying actions that could improve performance.
Most popular approaches to improving finance include: ERP upgrades, cross-enterprise process standardisation building enterprise data warehouses.
“For many CFOs and financial analysts, the health of the business is not only measured in cash flow, receivables and other financial measures, but also in HR, sales, inventory, manufacturing and supply chain metrics,” says Jeff Lovett, marketing director of Teradata.
“This survey indicates that many finance professionals realise the need for additional technologies that will help them get a single, integrated view that provides the actionable intelligence needed to effectively manage business performance.”
|