Complexity instead of clarity? Why many companies lose sight of the big picture when it comes to forecasting
Imagine navigating a ship through a dense fog without a compass or map. This is what the forecasting process feels like for many companies: inadequate tools, scattered data and manual errors lead to inaccurate forecasts. But why is this the case? Let's dive into the depths of forecasting together.
Data silos: the isolated islands in the sea of data
Many companies are struggling with data silos - isolated islands of information that prevent the free flow of data. According to the "Digitalization 2024" study by Staufen, 61% of the companies surveyed admit that they only see isolated figures from different areas without understanding the connections. How can you plan so successfully, let alone make sensible decisions? This kind of view leads to strategic blind flying, where decisions are based on fragmented information.
Manual processes: The sources of human error
Despite advancing digitalization, many companies continue to rely on manual processes. The PwC study "Digitalization in Finance and Accounting 2023" shows that the proportion of manual activities in consistency analysis remains constant at around 40%. These manual interventions are not only time-consuming, but also considerably increase the susceptibility to errors.
Technological backwardness: when Excel becomes a bottleneck
Excel is undoubtedly a powerful tool, but often unsuitable for complex forecasting requirements. The KPMG study "Digitalization in Accounting 2023/2024" shows that although many companies have made progress in homogenizing their system landscape, 54% of companies still rely on Excel lists for data archiving.
Yes, that's right! 54%, i.e. more than half of all companies, still use Excel! However, this practice all too often leads to inefficiencies and errors.
And now imagine how much potential would be unleashed if all these companies had accurate and transparent forecasts at all times?
What does this mean for the finances of all these companies?
Artificial intelligence: a beacon of hope with hurdles
The integration of AI in accounting promises efficiency gains, but we admit: Implementation can be challenging. According to the KPMG study "Digitalization in Accounting 2024/2025", 71% of companies believe their expectations of AI have been met, but integration complexity and a lack of specialist knowledge still pose significant hurdles.
Conclusion: A clear course for precise forecasting is needed!
So now we know what can go wrong. Time to take a look at what we can do: In order to meet the challenges in forecasting, companies should...
- Breaking down data silos: Create an integrated data landscape. This is the only way to make informed decisions.
- Drive automation forward: Replace redundant manual processes with technological solutions. This can also minimize many errors and save an enormous amount of time.
- Implement modern tools: Look beyond Excel. The magic happens outside your comfort zone! As a first step, take a look at specialized forecasting software - and use it in the long term.
- Invest in training: Train your employees in the use of new technology to fully exploit their potential.
With these measures, companies can clear the fog and set their forecasting process on a clear course. After all, who wants to be flying blind?
But wait a minute...
What if there was already a tool that acted not just as a compass, but as an entire navigation system? One that breaks down data silos, eliminates manual sources of error and turns forecasting from a chore into a real strategic strength?
Voilà: CoPlanner - the smart co-pilot
Our controlling software is not just "yet another tool" - it is the smart co-pilot for CFOs, controllers and anyone who doesn't just hope, but really wants to know where things are going when planning. Thanks to the intelligent linking of different data sources, automated workflows and user-friendly dashboards, CoPlanner brings structure to the forecasting chaos - without the Excel rollercoaster and data spaghetti.
And the best part?
You don't have to take our word for it - you can see it.
Just see for yourself.
Experience how forecasting can suddenly feel easy, logical and even a little satisfying.
Because good planning shouldn't be a matter of luck.
And because you have better things to do than spend hours chasing numbers.