Almost two-thirds of companies (63 per cent) feel that increasing reporting requirements are putting a strain on their finance teams and stalling future growth. This is according to research from Cognos, an IBM company and the world leader in business intelligence and performance management.
Indeed, 83 per cent of those questioned are finding themselves too focused on reporting, rather than business growth.
Furthermore, over half of companies (56 per cent) have had to restate their financial forecast in the last two years. âUnderstanding the economic situation is critical to the success of a business. Therefore, organisations need to be able to access current data to assess fiscal performance and change the approach if necessary,â said Graham Walter, vice president UK, Middle East and Africa at Cognos. âBeing able to proceed from âwhat-isâ to evaluate âwhat-ifâ scenarios is essential for long-term success.â
Almost a fifth of people (17 per cent) questioned felt that reporting deadlines and statutory requirements were a problem of greater significance than finance teams being under-resourced (13 per cent).
âEvery finance team needs to be focused on the pace and direction of a business rather than having to spend hours on data input. With the right technology in place, this team can be quickly freed up to be spent on intelligence analysis rather than administration,â added Walter.