Ventana Research Analyst Perspectives

How to Get Business Users to Switch from Spreadsheets

Posted by Ventana Research on Feb 26, 2015 3:27:06 AM

In our benchmark research at least half of participants that use spreadsheets to support a business process routinely say that these tools make it difficult for them to do their job. Yet spreadsheets continue to dominate in a range of business functions and processes. For example, our recent next-generation business planning research finds that this is the most common software used for performing 11 of the most common types of planning. At the heart of the problem is a disconnect between what spreadsheets were originally designed to do and how they are actually used today in corporations. Desktop spreadsheets were intended to be a personal productivity tool used, for example, for prototyping models, creating ad hoc reports and performing one-off analyses using simple models and storing small amounts of data. They were not built for collaborative, repetitive enterprise-wide tasks, and this is the root cause of most of the issues that organizations encounter when they use them in such business processes.

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Topics: Planning, Sales Performance, ERP, Forecast, GRC, Reporting, closing, dashboard, enterprise spreadsheet, Excel, plan, Customer Performance, Operational Performance, Analytics, Business Analytics, Business Collaboration, Business Intelligence, Business Performance, Financial Performance, Information Management, Accounting, Data, Risk, application, benchmark, Financial Performance Management, spreadsheet

Tagetik Advances Disclosure Management for Office of Finance

Posted by Robert Kugel on Jul 16, 2014 9:06:01 AM

Tagetik provides financial performance management software. One particularly useful aspect of its suite is the Collaborative Disclosure Management (CDM). CDM addresses an important need in finance departments, which routinely generate highly formatted documents that combine words and numbers. Often these documents are assembled by contributors outside of the finance department; human resources, facilities, legal and corporate groups are the most common. The data used in these reports almost always come from multiple sources – not just enterprise systems such as ERP and financial consolidation software but also individual spreadsheets and databases that collect and store nonfinancial data (such as information about leased facilities, executive compensation, fixed assets, acquisitions and corporate actions). Until recently, these reports were almost always cobbled together manually – a painstaking process made even more time-consuming by the need to double-check the documents for accuracy and consistency. The adoption of a more automated approach was driven by the requirement imposed several years ago by United States Securities and Exchange Commission (SEC) that companies tag their required periodic disclosure filings using eXtensible Business Reporting Language (XBRL), which I have written about. This mandate created a tipping point in the workload, making the manual approach infeasible for a large number of companies and motivating them to adopt tools to automate the process. Although disclosure filings were the initial impetus to acquire collaborative disclosure management software, companies have found it useful for generating a range of formatted periodic reports that combine text and data, including board books (internal documents for senior executives and members of the board of directors), highly formatted periodic internal reports and filings with nonfinancial regulators or lien holders.

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Topics: Mobile, ERP, forecasting, Modeling, Reporting, Budgeting, close, closing, Consolidation, Controller, Finance Financial Applications Financial Close, IFRS, multinational Tagetik, process management, report, strategy, XBRL, Analytics, Business Analytics, Business Intelligence, Business Performance, Financial Performance, Governance, Risk & Compliance (GRC), Accounting, CFO, Chief Financial Officer, compliance, Data, benchmark, Financial Performance Management, financial reporting, FPM, GAAP, Integrated Business Planning, Profitability, SEC Software, spreadsheet

Boardwalktech Addresses Spreadsheet Woes in Business

Posted by Robert Kugel on Jan 15, 2014 10:17:39 AM

Our benchmark research on enterprise spreadsheets explores the pitfalls that await companies that use desktop spreadsheets such as Microsoft Excel in repetitive, collaborative enterprise-wide processes. Because people are so familiar with Excel and therefore are able to quickly transform their finance or business expertise into a workable spreadsheet for modeling, analysis and reporting, desktop spreadsheets became the default choice. Individuals and organizations resist giving up their spreadsheets, so software vendors have come up with adaptations that embrace and extend their use. I’ve long advocated finding user-friendly spreadsheet alternatives.

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Topics: Sales Performance, GRC, Reporting, Boardwalktech, enterprise spreadsheet, Operational Performance, Analytics, Business Analytics, Business Collaboration, Business Performance, Cloud Computing, Customer & Contact Center, Financial Performance, Governance, Risk & Compliance (GRC), Information Applications, Information Management, Workforce Performance, Risk, BCP, benchmark, Financial Performance Management, spreadsheet

Oracle Hyperion Products Challenged by New Generation of Expectations

Posted by Robert Kugel on Oct 16, 2013 7:22:36 AM

Oracle continues to enrich the capabilities of its Hyperion suite of applications that support the finance function, but I wonder if that will be enough to sustain its market share and new generation of expectations. At the recent Oracle OpenWorld these new features were on display, and spokespeople described how the company will be transitioning its software to cloud deployment. Our 2013 Financial Performance Management Value (FPM) Index rates Oracle Hyperion a Warm vendor in my analysis, ranking eighth out of nine vendors. Our Value Index is informed by more than a decade of analysis of technology suppliers and their products and how well they satisfy specific business and IT needs. We perform a detailed evaluation of product functionality and suitability-to-task as well as the effectiveness of vendor support for the buying process and customer assurance. Our assessment reflects two disparate sets of factors. On one hand, the Hyperion FPM suite offers a broad set of software that automates, streamlines and supports a range of finance department functions. It includes sophisticated analytical applications. Used to full effect, Hyperion can eliminate many manual steps and speed execution of routine work. It also can enhance accuracy, ensure tasks are completed on a timely basis, foster coordination between Finance and the rest of the organization and generate insights into corporate performance. For this, the software gets high marks.

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Topics: Mobile, Planning, Social Media, ERP, forecasting, Modeling, Reporting, Budgeting, close, closing, Consolidation, Controller, driver-based, Finance Financial Applications Financial Close, Hyperion, IFRS, multinational Oracle, process management, report, strategy, Tax, tax department, tax optimization, tax planning, XBRL, Analytics, Business Analytics, Business Intelligence, Business Performance, CIO, Cloud Computing, Financial Performance, In-memory, Oracle, Accounting, CFO, Chief Financial Officer, compliance, Data, benchmark, Financial Performance Management, financial reporting, FPM, GAAP, Integrated Business Planning, Price optimization, Profitability, SEC Software, spreadsheet

Spreadsheets Consume More Time Than It Seems

Posted by Robert Kugel on Aug 7, 2013 10:47:02 AM

The spreadsheet is one of the five most important advances in business management over the last 50 years. It has changed all aspects of running an organization. It was the original “killer app” that made people go out and buy personal computers. So you see I’m enthusiastic about spreadsheets, but I realize they have limits that must be respected to work efficiently. One of the more important findings from our benchmark research Spreadsheets for Today’s Enterprise was about the time spent in maintaining spreadsheets. We asked participants how much time they spend per month in updating, revising, consolidating, modifying and correcting the spreadsheet used in the most important process associated with their job. The answers varied depending on the intensity with which people work with spreadsheets. On average, the heaviest users – those whose work requires them to spend all or almost all of their time using them – spend 18.1 hours per month on maintenance – the equivalent of more than two days per month! Even those who spend more than half their time in this fashion use up nearly two days (15.7 hours). For a tool designed to enhance personal productivity, these results should be sobering to executives and managers.

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Topics: Sales Performance, Supply Chain Performance, Reporting, enterprise spreadsheet, Operational Performance, Analytics, Business Analytics, Business Intelligence, Business Performance, Customer & Contact Center, Financial Performance, Information Applications, Information Management, Visualization, Workforce Performance, Risk, benchmark, Financial Performance Management, spreadsheet