The Trouble with Spreadsheets
No one ever said spreadsheets were a great way to run a business. In one of the biggest studies of its kind, an analysis of 9,120 spreadsheets from the archive of failed energy giant Enron revealed that almost one-quarter (24%) of them contained errors.
And Enron was hardly alone: a 2015 study of 1,200 UK decision makers by FIF9 revealed that nearly 1 in 5 large businesses have suffered direct financial loss due to poor spreadsheets, and one-third have made poor decisions due to spreadsheet problems.
But despite that, Ventana Research found in 2015 that 70% of companies still use spreadsheets across their planning processes – even though 48% say they make the process difficult to manage.
Three Finance Managers Speak Out
But exactly why are spreadsheets so unreliable – and why do so many finance functions still rely on them for strategic tasks like budgeting, planning and forecasting? For this ebook we spoke to three senior
finance professionals who hold – or have held – FP&A roles in midsize to large organisations.
We wanted to find out – straight from the horse’s mouth – what kind of challenges spreadsheets create for finance teams, and how those challenges impact their role and the wider organisation. In doing so,
we’ve uncovered the top 7 things finance managers hate about spreadsheets, and the one reason they can’t let them go.
We’ve collected their personal tales of spreadsheet misery, as well as historical examples where spreadsheets were responsible for major financial disasters. Finally, we offer an easy way out of the
spreadsheet morass with Oracle Planning and Budgeting Cloud Service.
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