“Market uncertainty is forcing CFOs to look ahead, and rightly so, but to see a clear picture of the future, you must first have a clear picture of the present...” “To this end, data quality and consistency are essential to effective forecasting..."
Adam Zaki - CFO.com
In a recent research report from insightsoftware, less than a third (27%) of organizations said a majority of their users can forecast at scale using current data analysis tools.
ABSTRACT
In this article, Adam Zaki, unpacks a recent research report from US based insightsoftware on how the majority of the companies surveyed do not have the ability to forecast at scale due to low confidence in the consistency and accuracy of the data that they are working with.
According to the survey results, more than a third (39%) of respondents do not rate their data quality highly for completeness. A nearly identical number of respondents (38%) said they don’t rate their data highly for consistency, while another 35% do not rate their data highly for accuracy.
The article goes on to say that “The very first step for this, or any other major data-change process, is sorting out current systems and processes to ensure that you trust the analysis you are generating. If you don’t trust it, there’s no way that leadership will.”
Read the full article here: https://www.cfo.com/accounting-tax/forecasting-accounting-tax/2022/12/forecasting-data-analytics-insightsoftware-monica-boydstonresearch/
Ramesys Global
Ramesys is an all-in-one budgeting, forecasting and reporting platform, purpose-built for the mining industry, that offers complete cost visibility across the entire organisation.
Our goal is to make it easier for mining companies to achieve a transparent understanding of their cost performance, develop a cost-conscious culture and create a single source of truth that helps key stakeholders make better decisions, faster.