A lack of integrated information systems is hampering the ability of corporations to do strategic planning, according to a recent study from AnswerThink Consulting Group in Hudson, Ohio.
Nearly 80 per cent of the companies surveyed reported that their management information systems aren’t integrated with transactional and operational systems.
Furthermore, poor systems integration limits the ability to customize reports for executives. Barely one-third of the companies can quickly access management information by geography, product, customer, supplier or major project, the study said.
The study covered more than 50 Fortune 500 companies, a spokesperson said.
The overall conclusion of the study: More than two-thirds of companies fail to integrate strategic planning with tactical and financial planning processes, which leads to sluggish decision-making and lost business opportunities, the CEO-level consulting firm said.
“Technology has created a deluge of data that often blinds managers from deciphering what is important,” said David Axson, managing director of AnswerThink’s CEO Solutions practice, in a prepared statement. “World-class companies leverage technology to tailor management reports so they only deliver what’s material and volatile, the factors that truly drive revenue and costs.”