The Many Pitfalls of Traditional Reporting

With a growing dependence on the insights provided by CFO’s it is more important than ever to have completely accurate reports. Decisions based off erroneous financial figures can have serious implications, especially when the issue is undiagnosed. We have seen from some of our own customers how having incorrect data can have a massive impact on the bottom line.

For instance: a well-known multinational service company, accustomed to performing all their analysis and calculations in Excel, they choose CXO Software to provide dynamic visualization of their reports. While recreating these reports in CXO it became apparent that they had accidentally copied parent calculations to a child entity resulting in their bonus accruals being wrongly measured for  a few subsidiaries. This simple mistake in an Excel formula meant wrong accruals were being made month after month, year after year.

Another customer in the Entertainment industry came to us with a very complex data source which contained in-depth, detailed information relevant only to one event at a time, and the need to create regular ad hoc reports for them. After implementation, it seemed that their data was being duplicated causing massive confusion. Once CXO was brought in, it became apparent that their source data was wrong.

Lastly a global agribusiness, going through a transitional period, where having changed their CFO, the company requested that CXO Software do a proof of concept. While satisfied with the software and the ability to drill down in a report, the detail-oriented CFO pointed out that one of the numbers shown in the report was incorrect.  Of course, since the data loaded in CXO comes directly from the source system this would be impossible.  Upon further investigation, a previously undiscovered mistake was found in their data source and once again CXO Software had made this visible.

Here we have three examples of how simple errors in the reporting process can jeopardize financial data and therefore any decisions based on this data can completely miss the mark. Our customers are now able to make truly insightful decisions with the confidence that they are based on accurate and real time data.

About CXO Software

CXO Software empowers financial professionals with the tools they need to provide a deeper and more meaningful analysis. Ensuring the organization always has the most up-to-date information, available on any device. It can help your company evolve from the traditional excel and paper based reporting and could solve problems you don’t even realize you have.

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