Financial analysts are struggling to extract meaningful data from enterprise resource planning (ERP) systems, despite firms ploughing millions of pounds into their use.
Teradata commissioned a survey of 360 financial analysts. The survey found that even the best ERP systems, although delivering important operational and transaction processing value, did not enable critical analytical flexibility and the detailed insight that financial analysts need.
Almost three-quarters of respondents said they struggled to collect data from multiple sources and perform analyses needed to answer unanticipated financial performance questions.
On a related note, nearly half reported difficulty in trying to integrate ERP data with other critical operational and legacy system information.
These challenges limit visibility into business dynamics, affecting financial results and delaying actions that can improve corporate performance, said Teradata.