Poll: Finance Pros Postponing Progression from Prehistoric Platforms and Practices
Kyriba survey finds 75 percent of companies still reliant on spreadsheets to run treasury and cash management, while 68 percent say they are inefficient or inaccurate
SAN DIEGO, April 1, 2014 – Three-quarters of organizations still run many of their treasury processes on spreadsheets, according to a poll conducted by Kyriba, the leader in cloud-based treasury management solutions.
The online poll revealed that 19 percent of organizations are entirely dependent on spreadsheets to run their cash management, while another 56 percent said that they use spreadsheets as a significant part of their daily operations. Only one-in-25 respondents (four percent) have completely migrated treasury processes away from spreadsheets.
The poll also showed that even though spreadsheets remain in use across the majority of organizations, they contribute toward many of the biggest issues facing treasury systems today. Half of all respondents (50 percent) cited the time it takes to get data or reports prepared as their biggest issue, with another 18 percent saying their biggest issue is inaccuracies or disagreements within treasury data.
“It’s clear that a lot of companies are still stuck in the past when it comes to treasury and forecasting technology,” said Brian Sommer, president of Vital Analysis. “The number of factors that could impact a company’s cash forecast continues to grow. Data as varied as social sentiment and long-range weather predictions could soon be used to help develop more accurate cash forecasts. However, organizations that rely on antiquated treasury platforms will be unable to benefit from this, and it’s likely that the accuracy of their forecasts will be negatively impacted, as a result.”
“While we’re certainly seeing a growing trend of companies moving their treasury processes to next-generation, SaaS-based platforms, there is still a large number of organizations who are hugely reliant on old systems as well as spreadsheets to get the job done,” said Julie Roy, chief marketing officer of Kyriba. “These tools just can’t deliver the detailed analysis that organizations increasingly need to make smarter, more proactive financial decisions.”
The survey was conducted of 140 treasury and finance professionals, during a gtnews / Kyriba webinar on March 26, 2014. The webinar was based on a new white paper, developed by Vital Analysis president Brian Sommer, which can be downloaded from Kyriba’s web site. Replays of the webinar can also be viewed on Kyriba’s web site or Slideshare page.