Enterprise financial leaders often think of their organization’s technology as a fixed expense. Each year, they weigh the cost of maintaining their legacy systems against the price of replacing or upgrading them. Conventional wisdom suggests it’s only when the former surpasses the latter that it’s time to modernize the tech their teams use for key tasks like forecasting, budgeting, assessing risk, and much more.
But this approach may have a critical flaw: It doesn’t consider less quantifiable costs.
Legacy finance technology, often used across siloed information systems, can lead to missed opportunities, lower productivity, efficiency drags, poor talent retention and an inability to harness AI – cumulatively impacting organizational competitiveness and value.
Most importantly, outdated tech can cause leaders to develop poorly informed strategies. Recent research from Anaplan, an AI-driven scenario planning and analysis platform, finds that 99% of executives report their businesses facing negative consequences due to decisions based on inaccurate forecasts.
To learn how your organization’s current financial technology may be hurting your bottom line, answer six multiple-choice questions below.