SOURCE: Quantrix

Quantrix

April 26, 2011 10:33 ET

Quantrix Survey of Business and Finance Professionals Highlights Serious Challenges in Budgeting, Forecasting, and Planning Processes

Report Highlights Need for Tools That Support Demands for Rapid Turnaround on Ad-Hoc Queries and Offer Robust Sharing Capabilities, While Enabling Professionals to Spend More Time on Value-Added Analysis

PORTLAND, ME--(Marketwire - Apr 26, 2011) - Quantrix has released the results from a survey it conducted of business and finance professionals about their forecasting and planning processes, teams, and toolsets. The survey results identify and quantify a number of challenges facing business and finance professionals, including the need to provide insightful and rapid responses to requests for alternate business scenarios. Respondents report that they spend more time on routine tasks rather than providing in-depth analysis, which sacrifices the quality of business reports, plans, and forecasts. Quantrix provides business modeling and analytics (BMA) solutions used to develop accurate and insightful budgets, forecasts, and plans.

Insight from the Quantrix survey includes:

  • Business and finance professionals are recasting budgets more than quarterly, and responding to multiple ad-hocqueries -- upwards of 12 a year for some respondents. Very large companies report a 24-hour window in which they must respond to requests, a challenge that requires flexible, user-managed systems.

  • Sharing budgets, forecasts, strategic plans, and other models with co-workers, management, and external business partners is increasingly important for companies as the pace of business accelerates. This survey discovered that, depending on company size, between 35 and 350 people are involved in the financial planning and analysis process, and must share financial plans with between 60 and 350 individuals. This highlights the need for targeted applications that enable easy sharing of data, models, budgets, and plans.

  • Business and finance professionals are spending two-thirds of their time on routine,administrative tasks and validating data: only for one third of the time are they actually conducting value-added analysis. This waste of high-value employee time makes businesses inefficient through lack of good data for decision-making. This paradigm -- accepted as 'normal' in many businesses -- can easily be changed with easy-to-use, focused applications that enable real-time gathering and administration of data.

  • The most important driver for the creation of scenarios and ad-hoc plans is "variance from forecast." Since professionals are spending two-thirds of their time on routine tasks rather than value-add analysis, what is being sacrificed is quality. Ideally, companies should be placing more importance on the business factors driving scenarios/ad hoc plans rather than on the current plan being wrong.

"These results will surprise no one who is involved in the day-to-day aspects of planning, budgeting and forecasting, but they should serve as a wake-up call," says Robert Kugel, Senior Vice President of Ventana Research. "Companies are wasting too much of their highly skilled employees' time on purely mechanical tasks. They should be using more robust and flexible tools that will make them more productive and free up their time to make planning, budgeting and forecasting more effective and useful business processes."

"The results from this survey support what our customers have been saying for a number of years: they need flexible solutions that access real-time data, enable them to respond rapidly to change and spend more time delivering insight and analysis," says Chris Molloy, Vice President of Corporate Development at IDBS, the parent company of Quantrix. "Our customers choose Quantrix over more cumbersome systems because we enable them to overcome these challenges, ease the sharing of valuable insights and compete more cost-effectively."

To download a complete copy of the Quantrix Survey, visit http://www.quantrix.com/Whitepapers.htm.

Quantrix Modeler is a desktop business modeling and analytics (BMA) software solution that enables financial and business planners to understand the impact of decisions through multi-dimensional modeling, visualizations, and "what if" scenarios. Its newest version enables users to publish models via a web-portal to the cloud to ease sharing of forecasts, budgets, and strategic plans.

About Quantrix
Quantrix's business modeling and analytics (BMA) solutions and services enable companies to develop accurate, secure, and dynamic forecast, budget, planning, risk, and data models. Quantrix Modeler provides unprecedented business intelligence and improved business performance management to customers in 50 countries. It delivers rapid return on investment by empowering business and financial professionals to break away from restrictive two-dimensional spreadsheets and complicated modeling and business intelligence tools. Quantrix Modeler is available directly from the company and from its global partner network. Quantrix is an independent business unit of IDBS, a leading worldwide provider of data management, analytics, and modeling solutions. For more information about Quantrix Modeler, or to activate a free 30-day trial, visit http://www.quantrix.com or call +1 207.775.0808.

Contact Information

  • Media Contact for Quantrix:

    Alison Harris
    Harris Media Services
    +1 207.829.4500
    Email Contact

    Contact at Quantrix:

    David Phillips
    Marketing Manager
    Quantrix
    +1 207.775.0808 ext 108
    Email Contact