Ventana Research is the first research company to benchmark organizations' use of information and technology to employ analytics in finance organizations. The research assessed the maturity by examining the people, process, information and technology competencies required to make the most effective and efficient use of analytics. The research reveals that organizations are aware of the value analytics can have in improving an organization's performance, but fall short in their deployment and use in many ways. The findings offer significant new insights into how analytics are used by finance organizations and the insights and metrics they provide. It found most organizations are immature in the Process category, one of the four categories in which we assess maturity, and most mature in the Technology category. Yet in each category most organizations are not realizing the fullest benefit from finance analytics; in none of them do as many as one in five reach the top Innovative maturity level.
The findings offer fresh research-based views on the attitudes companies have toward finance analytics. Organizations are maturing slowly, the research found, because the focus is on traditional finance-related metrics and too little attention is paid to new, more advanced techniques such as predictive analytics and employing leading indicators (35%), for example, as well as understanding customer profitability (33%) and market data and trends (28%). The research also found that those in the finance organization have mixed feelings about the adequacy of the processes used to create analytics, but almost nine out of 10 said they can improve their use of analytics significantly or somewhat.
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