Despite growing awareness of the need for financial accountability and up-to-date visibility across the enterprise, a recent survey indicates that the majority of organizations are still using Excel for month-end reporting, while few have a common finance system across the enterprise.
The Coda-sponsored study carried out by accounting and information systems academic Dr Martin Fahy of the University of Ireland that looked at the adoption of corporate performance management (CPM (1) (Critical Path Method) A project management planning and control technique implemented on computers. The critical path is the series of activities and tasks in the project that have no built-in slack time.
..... Click the link for more information.) tools, revealed that take-up remains low with companies relying on manually intensive spreadsheets to provide them with decision support information. CPM covers performance monitoring technologies and management techniques such as activity-based costing In a business organization, Activity-based costing (ABC) is a method of allocating costs to products and services. It is generally used as a tool for planning and control. This is a necessary tool for doing value chain analysis. and balanced scorecards.
The survey showed that 66% of respondents use Excel for month-end reporting and 77% for budgeting, while 55% take over six working days to complete their month-ends. A mere 18% of firms have deployed a common finance system across their enterprise, and only 23% opt to use specialized budgeting applications. In addition 18% have institutionalized in·sti·tu·tion·al·ize
tr.v. in·sti·tu·tion·al·ized, in·sti·tu·tion·al·iz·ing, in·sti·tu·tion·al·iz·es
1.
a. To make into, treat as, or give the character of an institution to.
b. ABC ABC
in full American Broadcasting Co.
Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. or BSC (Binary Synchronous Communications) See bisync. as part of their CPM activities.
According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Jeremy Roche, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Coda Group, the results show that organizations lack a coordinated architecture for distributing clean, reliable information despite the benefits that can be gained using integrated CPM technologies based on data marts and analytical applications in terms of timeliness and completeness of CPM activities.
CPM is concerned with monitoring, analyzing and reporting on the company's performance at every level to provide an accessible, up-to-date picture of achievement versus objectives, by combining financial data with management information and analytical capabilities.
Coda has taken advantage of its own background in financial software, as well as the evidence that organizations base much of their business analytics activities around financial data, to build a CPM solution that positions financials at the heart of an enterprise-wide system, augmented by data from other corporate systems.
