A recent study by Aberdeen Group named ‘The Impact of Business Intelligence on Financial Planning, Budgeting, and Forecasting: Aiding Insight and Confidence’ found that 21% of respondents cited an inability to trace business success to its key components.
30% of respondents to a question collected for that same report noted that “too many of their business decisions are based on inaccurate or incomplete data” as a top pressure influencing them to factor analytics into planning, budgeting, and forecasting.
Indigo and Six Degrees Planning founder Peter Hanley says “Enterprise planning software delivers a 360 degree view of your business, rather than the traditional ‘glance into the rear-view mirror’.
You can collect all the data you like, but without a financial planning solution overlying your business intelligence system to provide robust ‘What-if’ scenario planning functionality, your reporting and analytics will only ever be 20/20 in hindsight.”
You can read the Aberdeen report here.