Amsterdam, 30 June 2022 – Despite the plethora of innovative new software on the market, nearly half (49%) of financial professionals are still using Excel spreadsheets to log information and updates on customer payments into their business. In fact, this figure represents a slight increase on 2021 levels (46%), highlighting that the industry’s reliance on this legacy product isn’t dissipating any time soon.
The findings from Visma | Onguard’s fifth annual Fintech Barometer also showed that there was a decrease in professionals using specialist credit management software, reducing from 38% in 2021 to 36% in 2022, while as many as 8% said that they didn’t use any type of program for debt management at all. With programs such as Excel based on disparate spreadsheets and possessing an inability to integrate data sharing securely between colleagues, finance professionals are working in inefficient individual siloes.
This inability to access a centralised system of shared financial data may be leading to the biggest challenges that finance professionals are facing in the order-to-cash process today. 27% identified a lack of relevant insight into the customer’s situation as a hurdle, while accessing the right risk information (26%) and not having the correct technology/automation (24%) in place were identified as among the biggest issues in improving credit management.
The most frustrating aspects of a finance professional’s role were also identified as manual, repetitive tasks (20%), systems that do not work well (16%), and dealing with a lot of different systems (14%). The inability to gain oversight of data due to continued use of Excel is also likely to prevent finance professionals from effectively analysing datasets, with analytical ability considered an important skill by 47% of financial professionals.
“Excel is beneficial in isolation, but without the ability to view data from across the business, finance professionals are attempting to nurture customer relationships with their hands tied. It’s therefore critical for departments to be able to share real-time data to boost productivity and efficiency, and the use of a centralised cloud-based platform can help to provide this solution,” said Floor Stam, VP Marketing at Visma | Onguard.