A lack of transparency of business processes is making it difficult for UK finance and management professionals to identify their most profitable business areas. Despite this hampering current performance, firms remain confident that they will see growth in the region of 5-10 per cent over the coming 12 months according to Exact, a global supplier of business software.
In an independent survey of senior UK finance and management professionals by research and advisory company K2 Advisory in association with Exact, nearly half of respondents said that a lack of transparency of business processes was making it difficult for them to identify their most profitable business areas. In addition, 40 per cent of respondents identified a lack of familiarity with existing business systems and tools as a factor hampering business transparency and making it difficult for the IT team to provide support.
"The survey presented some very concerning findings into current business trends in the UK," says Wayne Dewsnap, managing director, Exact UK & Ireland. "We were shocked by the lack of transparency they face. If business IT systems are in place, at the very least they should show senior management how profitable different parts of the business are."
Notwithstanding these challenges, the survey also revealed more positive news about the state of UK industry. Nearly two-thirds of respondents said that they were planning for businesses growth over the next 12 months, with the majority anticipating 5-10 per cent growth and one fifth forecasting more than ten per cent growth.
"The confidence that businesses have in achieving growth over the next year is heartening," continued Dewsnap. "However, having full transparency of business processes is vital if they want to achieve this. Having the right ERP systems in place, such as Exact Synergy and Exact Globe Next, can help businesses ensure they make the most of growth opportunities."
The full survey results are discussed by K2 Advisory in the webinar 'A painpoint shared is a painpoint halved', which provides an in-depth analysis of the research. A whitepaper providing an in-depth analysis of the survey results is also available from Exact.