If your current planning and budgeting relies on a plethora of spreadsheets, your processes are susceptible to human error.
As a result, time is wasted checking and re-checking figures and mending broken formulae. How often do figures fail to tally?
There is also a high risk of producing inaccurate data, resulting in flawed business decisions, and possibly even losing out on attracting new investment.
Inconsistent practices between departments makes consolidating data from different sources extremely difficult and lack of version control leads to out-of-control planning.
Mini Case Study
The finance team at Tradition, a leading inter-dealer brokerage company, was able to perform analyses manually, using spreadsheets, albeit in a time-consuming and laborious way. With the high risk of introducing errors, analysts had to spend many hours checking figures and ensuring that the resulting reports were accurate and reliable. As a result, they were not able to spend much time analysing the data.
Cognos Express redressed the balance, allowing much more time to gain insight from analytics.