According to Enterprise Times, 60% of businesses in the U.S. are still relying on spreadsheets! Believe it or not, from my professional experience dealing with Fortune 500 companies, this is actually happening. Even at the senior executive level!
Spreadsheets attribute their tremendous popularity to a couple of reasons:
- Spreadsheet tools like Microsoft Excel provide ultimate freedom to query and combine data from different sources.
- It is easy to manipulate data and present information pixel perfect, especially in combination with other Microsoft Office tools such as PowerPoint.
- Spreadsheet tools are probably the best way to create static printed reporting books.
However, we all know the headaches that come along with static spreadsheet reporting. Not only does the report preparation take significant amounts of time, but it is also prone to error. Further, these spreadsheet tools lack the advantage of more sophisticated analytics.
According to a survey of 2,000 employees in the U.S. and U.K.: More than 80% would like their bosses to share more business performance analytics. Companies invest heavily in corporate performance management solutions (CPM/EPM) to consolidate their financials and corporate plans, but still report on static spreadsheets hoping that the numbers are correct or even the latest by the time they are viewed. Static reports simply offer no context, no analysis and you can take no action.
The Solution: Strategic Corporate Performance Analytics!
Enterprises need to inform their stakeholders in a new way, a digital way! So no more spreadsheets! The example displayed above is the typical number crunch report that does not offer any additional insights.
In the chart example below a company shows its sales performance using a smart performance visualization. This chart does not only show current year performance, but also the previous two years and a confidence interval prediction for next year. In addition, it allows the comparison of actual results to their target (Budget). The red areas indicate an under performance whereas green represents an over performance.
Smart performance visualizations are not the full solution. Strategic Corporate Performance Analytics requires integrated performance storytelling, such as:
- Live access to the single version of the truth such as CPM systems including Oracle Hyperion, SAP, Tagetik, IBM & OneStream.
- Web-based and mobile access
- Enhanced narratives reporting & collaboration
- Fully auditable system: who viewed what content and who changed what reports
- Standardization and automation under one system
Interested in Strategic Corporate Performance Analytics?