Research provides clarity on full range of benefits of implementing a spreadsheet management program
Incisive Software Corporation, a leading provider of spreadsheet management applications allowing enterprises to identify and mitigate risk, today released the results from new research on the implementation levels of spreadsheet management programs across the financial services industry. Results reveal 69% of financial leaders say spreadsheet management programs significantly empower businesses to make critical decisions based on data they can trust. The research was conducted on behalf of Incisive Software by Center for Financial Professionals (CeFPro) in February 2022.
According to the findings, businesses that prioritize mitigating risk continue to be better positioned to protect customers, revenue, and reputation. Of those respondents that have implemented a spreadsheet management program:
- 74% highlighted process efficiency and increased productivity as a key benefit,
- 69% cited increased confidence in data, and
- another 41 % of respondents said audit fees/cost containment ranked highest.
“The benefits of implementing a spreadsheet management program are real, and these survey results demonstrate that companies continue to heavily invest in spreadsheet management – a trend that shows no sign of slowing down,” said Diane Robinette, President and CEO of Incisive Software. “The findings confirm, those companies that have gone down the path to implementation have received clear, measurable rewards that validate their investment.”
“A critically important survey and report, which demonstrates the clear advantages to be gained from implementing an effective spreadsheet management program, said Andreas Simou, Managing Director of CeFPro. The benefits appear to go beyond productivity and efficiency, with increased confidence in data proving equally important. Also interesting is the fact that many of those firms which have not yet implemented a spreadsheet management program may be putting themselves at risk of financial loss, damaged reputations, and regulatory fines, yet do not see advantages in implementation. This is a mindset and education challenge the industry needs to address.”
To download the report, “Effective Spreadsheet Management” click here.
About the Research
The research was conducted in February 2022 by the Center for Financial Professionals on behalf of Incisive Software. 172 senior finance and risk professionals within mid to large financial institutions were surveyed. All survey participants routinely make business-critical decisions based on data in spreadsheets.
About Center for Financial Professionals
The Center for Financial Professionals is an international research organization and the focal point for a global community of finance, technology, risk, and compliance professionals from the financial services industry. CeFPro is driven by high-quality and reliable primary market research. It has developed a comprehensive methodology that incorporates data from its global community and validation by an international team of independent experts.
About Incisive Software Corporation
Incisive Software provides spreadsheet management applications that empower enterprises to identify and mitigate spreadsheet risk, resulting in reduced risk exposure and improved data quality. Incisive takes a modern, automated approach to achieve greater accuracy and control over, and insight into an organization’s complex, sensitive, and critical spreadsheets by providing reliable and consistent information so companies can trust the data that drives their business.