7 January 2016 – Finance professionals are failing to exploit analytics technology to add greater strategic value and trail behind other organisational departments in their adoption levels.
These are the findings of research carried out by Source for Consulting in partnership with leading business applications and service provider, Advanced Business Solutions (Advanced). The report is based on a survey of executives in a variety of roles from 297 UK mid and small-sized organisations.
Advanced’s survey reveals that just 2% of finance professionals have fully implemented analytics software and over a third (35%) are yet to consider doing so. Only a higher percentage of respondents from HR functions (68%) admitted they had not contemplated how specialist technology could assist them. The research suggests that analytics is most likely to be used, at least partly, within marketing departments (48%) and amongst senior decision makers (44%).
Analytics enable finance teams to collaborate more effectively with other departments by providing unique, actionable information. By replacing the time-consuming process of consolidating and extracting data from spreadsheets, analytics software can quickly deliver reports as and when a business demands them.
Simon Fowler, Managing Director of Advanced Business Solutions (Commercial division) says, “Senior managers now expect finance professionals to analyse large volumes of data with greater speed whilst understanding the wider impact on a business. But due to being restricted by spreadsheets they can often be seen as more of a hindrance than a help which is a perception they must change.
“Modern analytics technology can quickly gather relevant information and provides a level of insight that isn’t possible using traditional methods, enabling finance workers to add greater strategic value and reposition their relationship within an organisation.”
The respondents put forward a number of suggestions as to why businesses should invest in analytics. 86% stated ‘to enhance decision-making ability’ was a significant reason. Other main reasons put forward included to improve understanding of why things have happened (69%), to realise financial benefits (62%), having access to information more quickly (58%) and to reduce time spent on producing reports (45%).
Fowler adds, “Financial information is largely structured, so it’s important for businesses to integrate their chosen analytics software with a leading financial management solution. Ensuring tight integration between different systems also provides increased confidence in the underlying data which is vital to leverage the full benefits of analytics.”
Advanced offers a variety of financial management solutions and is continually developing its software to meet the increasing need for analytics technology. The business’s leading scenario planning, procurement and spend analytics systems assist organisations to better predict business outcomes, reduce costs and improve operational efficiency.
To read the report, ‘Advanced Analytics’, click here.
Notes to Editors
About Advanced Business Solutions
Advanced Business Solutions (Advanced) provides leading integrated business applications and services that enable public, private and third sector organisations to retain control, improve visibility and gain efficiencies whilst continually improving corporate performance. Advanced prides itself on getting close to its customers by understanding their businesses and responding to their evolving needs.
Advanced’s software systems comprise core accounting/financial management, procurement, supply chain management, human resource, payroll and customer relationship management systems. These systems are integrated with a range of collaborative, document management and business intelligence solutions to extend the value and effectiveness of front and back office departments.
Management information systems for school and academies are provided through Advanced’s subsidiaries, Advanced Learning and Compass Computer Consultants. Advanced also provides specialist vertical solutions for the not-for-profit, sports, arts, live events and legal markets. All solutions can be delivered as a managed or bureau service.
Customers are from both the public and private sectors and include Companies House, Newcastle City Council, NHSScotland, Norfolk Constabulary, Edge Hill University, WH Smith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS, Liverpool FC, Goodwood, CIPD and RSPB.
Advanced Business Solutions is a division of Advanced Computer Software Group Limited, a leading supplier of software and IT services to the health, care and business services sectors. In 2014, the Group won Tech Company of the Year in PwC’s UK Tech Awards. Advanced was also ranked in the Deloitte UK Fast 50, which recognises the 50 fastest growing technology companies in the UK and ranked in the top 300 technology companies in Deloitte’s EMEA rankings.
Angela Mycock and Ben Carey, Advanced Computer Software Group
+44(0)1625 856 513
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