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Companies are planning to spend their limited financial systems
budgets on extracting better management information, according to our new survey. Pat Sweet reports.
The need to know - Part 1 | Part 2 | Part 3
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SURVEY STATISTICS
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We spoke to a range of organisations
about their use of financial, accounting & reporting
software. One in five (20%) are in the public sector
while banks, building societies and insurance companies
together make up another 18%. The survey also includes
organisations in the retail sector (11%), IT industry
(9%), energy & utilities (4%), manufacturing (4%), business
services (4%) and engineering (2%).
Our respondents vary in size from
the smallest – with 15% reporting turnovers of between
£5 million and £10 million – up to the very largest.
At the top end of the range, 17% have a turnover of
between £1 billion and £5 billion, while 10% top the
£5 billion mark.
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‘It’s not what you do, it’s the way that you do it’ is a
phrase that could sum up the current state of many companies’
finance, accounting & reporting systems. While the underlying
requirements are well understood and clearly defined, the
question for many organisations now is how they can get more
insights out of these applications rather than simply raw
data.
As one of the respondents to this year’s Consultants’
Advisory survey (see box opposite) put it: “Reporting
of management information is the biggest area of concern from
finance systems, both in this company and in my previous positions.
Just number crunchers are not good enough any more.”
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Consultants' Advisory 2004
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