Feature Article
Digital Transformation in Finance and Performance Management
Since spreadsheets were invented in the 1980s, they have been the tool of choice for anyone doing planning and analysis. Financial analysts use them for the annual budget, the long-term strategy plan, allocations, profitability modeling etc. Sales and operations planners use them for capacity planning, sales planning, scheduling and much, much more.
Spreadsheets were more than just a productivity tool to perform the same tasks faster: they brought opportunities to do things BETTER! Better models and more detailed analyses led (potentially) to better business decisions! And a bigger workload for analysts.
Let’s fast forward to our 21st century present where we are used to having easy access to data in our personal lives, and naturally expect the same to be true in our business lives. According to McKinsey, Deloitte and other analyst firms, expectations of the Finance function are evolving towards providing real-time, data-enabled decision support. Spreadsheets can no longer keep up, but this trend rightfully places Finance at the strategic center, using its historical ownership of whole-organization financial data, performance metrics and analysis as the springboard. Read More
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