Nearly half of business finance officials say poor internal data impacts their decision-making and that they instead rely on "gut feel," according to a recently released survey.
Business software company Epicor, which commissioned the poll of more than 1,500 finance professionals in 11 countries, said relying on instinct — rather than empirical evidence — can subsequently lead to delays, errors and lower profits.
The survey's executive summary largely blamed the problem on inadequate information technology systems. Sixty percent of respondents relied on Excel spreadsheets to interpret data despite the wide array of available business software systems and applications.
Epicor also said finance professionals in the manufacturing and engineering sector were the most likely to employ basic or outdated IT systems and, as a result, the most likely to rely on instinct to make decisions.
See more from the survey in the following infographic: