Over 75% of finance managers want to stop using Excel

BOULDER, Colorado, October 17, 2022 – A new investigation by Hakkoda, the cloud data experts, found that 76% of finance managers want to ditch Microsoft Excel as their primary analytics engine within two years. Additionally, 62% of finance managers and 73% of finance risk management managers admit that Excel isn’t always enough to manage their work. Three in four respondents say they started a project in Excel only to realize later that it wasn’t enough for the job.

Commissioned by Hakkoda in September 2022, an independent market research firm surveyed 150 financial services leaders about the technologies that power their data and growth. Major points of failure listed by survey respondents include its inability to handle large data or complex calculations, support remote collaboration, provide data visualization, and deliver real-time insights. When asked if they’d rather be stuck in an elevator for three hours or do another Internal Rate of Return (IRR) report in Excel, 42% of respondents chose the elevator.

While 73% of finance leaders say AI is the best way to turn their data into action, only 48% say they are close to being ready to implement it. It can also hurt recruiting efforts, as 59% of finance managers say using Excel has stifled their ability to attract and hire entry-level staff, as new hires want to work with a more modern technology stack. .

Financial institutions are heavily divided into business lines and rarely rely on their own IT groups. This survey found that only 44% of financial services leaders say they have a close and strong working relationship with their technology teams. Yet 73% of finance leaders say they depend on their IT team for reporting and open access to data, and 84% want data reporting and visibility without the need for IT assistance.

“Financial services companies are moving faster than ever to unlock the value of the vast amount of data scattered across the institution,” said Anand Pandya, global head of financial services for Hakkoda. “Finance managers make long-term decisions on short notice and find that Microsoft Excel falls short. This survey confirms our belief that even “power users” find Excel too limited and fragile to compete in today’s market. »

Hakkoda’s services were designed from the ground up to deliver faster results to clients. Its subscription-based, scalable Teams model provides customers with on-demand access to experts specializing in data migration, architecture, analytics, engineering, machine learning, governance, and enterprise development. applications, to be applied in areas where skills are most needed. Hakkoda’s seasoned financial services consultants take a collaborative approach with clients and know that how clients use their data often drives business agility and innovation.

About Hakkoda

Hakkoda is a data engineering consulting firm based in the United States and Costa Rica, specializing in Snowflake. The company adopts a subscription model that operates similarly to the cloud, providing on-demand access to data engineers, architects, machine learning experts and application developers. Led by a founding team with over 150 years of collective experience in data and IT services, Hakkoda can see problems and solutions in ways others cannot. Hakkoda is backed by an investment company Tercerus and enables customers like US Foods and Scripps Health to innovate through the power of data.

Source: Hakkoda