SOURCE: Cartesis Inc.

November 16, 2006 09:00 ET

Forecast Accuracy Is Still at Stake

Cartesis Survey Finds 80% of Financial Executives Demand Faster, More Accurate Forecasts

NORWALK, CT -- (MARKET WIRE) -- November 16, 2006 -- Cartesis, the world's leading specialist in finance and performance management software, today announced the results of its annual planning survey, which measures financial executives' views on business forecasting from around the world. Notably, the survey found that 80 percent would like to improve the accuracy of their forecasts and 60 percent would like to reduce the time spent on them. By doing so, say executives, they will improve both business performance and risk management capabilities.

"Financial executives continue to be disappointed with the speed and accuracy of financial forecasts, which is likely because 70 percent still use spreadsheets as their core planning and forecasting application," says Crisping Read, CMO of Cartesis. "Companies should no longer use spreadsheets as their system backbone and favor deeper and wider involvement at an operational level. We are addressing those needs through Cartesis Planning, which helps large organizations like Delhaize, IXIS Asset Management Group, Key Bank, Mellon Bank and WPP improve their forecasting process through better automation and collaboration."

Executives surveyed said collaboration among the finance and operation staff is a critical piece of building more accurate forecasts. Nearly 60 percent of respondents say that improving "what if" scenario creation is a priority and more than half say that "driver-based forecasting with a combination of financial and operational" information is central.

"Corporate finance executives are under tremendous pressure to produce better reports and forecasts for management, their board of directors and of course regulators," says Kathleen Wilhide, research director, Compliance and BPM solutions at IDC. "Accuracy and auditability requirements are moving companies to adopt information management initiatives that drive consistency and reliability and replace manual, spreadsheet intensive reporting processes. These initiatives include performance management solutions, like Cartesis 10. While spreadsheets will probably always be part of the reporting process, companies should strive to build a single source for trusted financial information while integrating a more controlled use of spreadsheets."

More than 320 senior-level financial executives participated in the survey, from a wide range of public and private companies. Roughly half of the respondents came from the U.S. while the remainder were spread throughout Europe. The results of this survey will be presented in a Webcast on November 16th and available on www.cartesis.com.

About Cartesis

Cartesis is the world's leading specialist in finance and performance management software with more than 1,300 corporate customers, 600 employees and 200 consultants worldwide. Created in 1990, Cartesis provides insight, control and confidence by unifying information, people and processes at demanding multinationals like Air France KLM, Cargill, Danone, Diageo, Nissan, Société Générale and Standard Life. One in four of Fortune Global 100 companies rely on Cartesis' deep financial expertise and standard-based technology for compliance, financial consolidation, management reporting, planning, budgeting, forecasting, intercompany reconciliation; all unified in a single data-model that can be leveraged by internal and external users. Cartesis' partners include Microsoft, Accenture, BearingPoint, Ernst & Young, KPMG and PricewaterhouseCoopers. Cartesis has customers in 44 different countries and offices in Brussels, Frankfurt, London, Norwalk (CT), Paris, Tokyo, Toronto and Utrecht. For more information, go to www.cartesis.com.

All cited names and/or trademarks are the property of their respective owners.

Contact Information

  • For more information, please visit www.cartesis.com or call:
    Jonathan Stotts
    Cartesis Inc.
    Tel: (203) 956-2186
    Email: Email Contact

    For further press information please contact:
    Stephanie Fallon
    Emerge PR
    Tel: (617) 729-3176
    Email: Email Contact