Forecasting and Performance Analysis - Alternative Systems

Forward planning and performance monitoring are both important management functions for any business or organisation. This is true at any time, but especially when finance is being raised or banking facilities need to be monitored.

Budgeting and forecasting is a regular activity for most organisations, together with variance analysis against actuals.

But all too often these processes are using systems which are difficult to use and maintain, often using Excel. In many organisations they are the most ineffective practices in management. They take everyone too much time.

In this article I've written for the IT Faculty of the ICAEW, here are some tips for how alternative systems can help, and what to look out for.

Escaping Excel Hell – Cutting Reporting Time

Excel is an excellent presentation tool for reporting. But a key problem is that business analysts spend too much manipulating data, and not enough time analysing. Another issue is the struggle to have a report available by its deadline.

One aspect of this is the time needed to get data accurately from a source system into Excel, which might currently involve re-keying.

There are several solutions to this [...read more...]

Excel Add-ins for Management Reporting

Just a reminder that if you want to use Excel for dashboards or management reporting, there are three useful sets of add-ins:

1. Gauges
2. Sparklines (mini graphs)
3. Traffic Light Charts

Click each link for further details.