CXC report on use of spreadsheets in Treasury
Our report on Managing Corporate Treasury with Spreadsheets, now available here comprises the findings from a detailed peer discussion between treasurers who use spreadsheets to run their treasury. The peer group was selected from participants in the CXC Treasury Technology benchmark who stated that they use spreadsheets and provided an rating - here are the results of the benchmark to date relating to Spreadsheet users in treasury:
The CXC Treasury Technology benchmark comprises evaluations by Treasurers of the technology they use on a 1 - 5 scale, ranging from 1 being Poor to 5 as Excellent.
The benchmark, which is updated on an ongoing basis now has > 200 responses, of which 30 (15%) state that they use spreadsheets to run their treasury with 40% having a revenue of greater than USD 1 billion per year.
How they rate their Spreadsheets.
The average ranking from spreadsheet users is 2.4 out of 5 compared to the average for TMS system users of 3.5 out of 5.
Some participants added optional comments to their rankings which are listed below:
- Excel is really good, most people only use 20% of it
- Excel when used properly can be phenomenal; using it properly though is rare and sometimes clunky.
- Godawful
- Looking to implement a new TMS next year
- Suffer from all usual issues with using spreadsheets – duplication of data, time consuming in preparing board papers/risk analysis. Cost/benefit case for moving to TMS is challenging to get approval
- We currently use FX All and Finastra but otherwise rely fully on Excel. We are in the early stages of identifying a suitable TMS to reduce our reliance on Excel and to provide greater scalability of our processes
- Within the next 6-8 months there is a good chance that we will purchase and implement a TMS.