According to a survey completed by Wall Street & Technology, nearly two-thirds of financial services firms feared that their analytics programs and infrastructures could not handle the volume and analytical complexity of today’s financial data. That fear is spreading to other sectors as more and more companies report that neither their technology nor their employees are able to sift through the amount of financial data that is bombarding their companies.
John Van Decker of Gartner (News - Alert), a technology research company, stated that companies are starting to invest more money in technology that helps them to make sense of mountains of financial data.
“I think organizations don't necessarily have a lack of data, but they do have a lack of capability on how to consistently consolidate,” Van Decker noted. “There is definitely an interest in leveraging technology more in the office of finance and as a result we are seeing many more applications coming to market that are attempting to meet some of these needs.”
The Institute of Chartered Accounts of Scotland and the New Zealand Institute of Chartered Accountants both indicated that annual reports from businesses have grown approximately 44 percent in size over recent years... Read More
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