A report from ICit Business Intelligence reveals that one in four Financial, Planning and Analysis (FP&A) professionals are dissatisfied with the data they are currently retrieving.
The ‘Strengthening the Role of FP&A During Economic Uncertainty’ report surveyed 264 UK senior finance decision makers, with a further four in five (80%) believing they need to improve their data-driven decision making.
As the ICit report focuses on the specifics of planning, budgeting, integrating financial and management planning amongst other key areas, an overwhelming 81% of FP&A professionals detail that they are “stuck in low value, manual tasks in their role”.
Mark Bodger, Director at ICit Business Intelligence, commented: “FP&A has a critical role to play in supporting this business focus.
“We know from our data that almost half of the Senior Finance Decision Makers we surveyed agreed that board reporting of financial data was one of the most critical parts of their, or their teams’ job (46%) and over half (56%) said that the board reporting packs are a hugely valued and an integral part of strategic business decision making.
“The introduction of a new technology approach has the potential to propel the entire function into a real-time provider of strategic data and key insights for business.
“Businesses must assess and identify where this is currently going wrong and make the changes necessary to ensure they are getting the best from their finance team – both in terms of the tasks they are performing and the value they can add with financial insights and data.”
To read the ICit report in full, click here