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Financial Insights

Forecasting and management information: the two main priorities for improvement

Finance executives in the survey are confident in their ability to deliver historical financial reporting but are much less satisfied with their ability to deliver forward-looking insights. Fully 43 percent are dissatisfied with their ability to undertake planning, budgeting and forecasting tasks, and 42 percent express similar concerns over the quality of management information.

Tellingly, while many finance functions are using sophisticated IT systems for transaction processing and financial reporting, they continue to rely on manual processes for forecasting and decision support activities. There is more work to be done to upgrade and integrate legacy systems so the businesses can achieve consistent, accurate data that provides a single version of the truth. Finance needs to be trained, not just to generate and consolidate financial data but to draw insight from it.

Areas where finance performs a leading role

Content and graph source:  EIU

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