TechTarget

Businesses fail to get the most out of their financial software

Almost a third of organisations feel that their financial systems have failed to meet all their original business objectives, according to research commissioned...

Almost a third of organisations feel that their financial systems have failed to meet all their original business...

objectives, according to research commissioned by the National Computing Centre's Evaluation Centre.

In the survey of 100 businesses, 43% blamed the lack of success on a failure to change internal business processes, 38% said the system does not work in the way the company would like to operate, and 29% believed the system was too complex.

Users expressed concerns over the cost of implementing the software and the cost of maintenance and software upgrades. Steve Fox, managing director at Evaluation Centre, said, "While companies are generally happy with the quality and functionality of their systems, they would like to see their ongoing costs reduced, especially in the current climate."

The NCC research identified two technologies that stood out as having the most impact on the development of financial and accounting systems. The first, mentioned by 69% of respondents, was workflow and business process management, which the NCC said was being used by organisations to make their internal operations as efficient and effective as possible. The second was financial reporting tools (59%), which were becoming increasingly important for organisations to analyse their data more effectively.

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