There’s no time like the present to invest in modern technology. The longer you wait, the more entrenched your company will become in clunky tools that are out of touch with today’s business needs.
As it relates to financial planning, budgeting, and forecasting, old-world processes can lead to costly errors, leaving the finance team scrambling to fix spreadsheet mistakes and sucking up time gathering data rather than analyzing it and providing valuable insights to decision-makers.
So how do you know if it’s time to update your traditional, static planning processes? Here are three of the most telling signs:
1. There’s limited cross-departmental collaboration within your business.
Today’s fastest-growing, most innovative businesses use modern FP&A technology because it promotes cross-departmental collaboration. That means projects that have long been considered finance-only responsibilities, such as financial consolidation, can now be a team sport within which department leaders across the business participate. The result is a holistic financial picture of your business that includes key data from all departments.
2. Your finance team cannot efficiently and accurately plan, budget, and forecast across multiple dimensions.
Multi-currency, multi-location, multi-national, multi-language. Whether your business has one or all of the above, cloud-based business planning software is essential because more complex business models require more advanced technology. Passing spreadsheets via email between different company locations is a sure-fire formula for financial errors, particularly when those on-premises sheets start to include multiple currencies and languages that several people are responsible for updating.
3. You don’t have visual analytics to help leaders across the business better understand the most impactful business drivers.
The majority of your organization consists of non-financial employees. That makes visual analytics vital to any business looking to take the FP&A process beyond finance and into other departments and encourage departmental managers to partake in the process.
How significant of a difference can modern financial technology make for a business? Find out how some of today’s most successful companies are using Adaptive Insights to plan smarter, report better, and analyze faster.