| Findings from a survey conducted by Plum | | | | errors. Respondents were able to select as |
| Solutions, a consulting and training company | | | | many concerns as they wished for this question, |
| specialising in financial modelling and analysis were | | | | but 64% of respondents did not select errors as |
| released today. | | | | a concern at all. |
| Key findings were: | | | | However, 61% of proficient modellers had |
| 1. Excel 2007 is still not widely used by | | | | personal experience of an Excel error in a financial |
| business professionals at work. | | | | model causing a company serious consequences. |
| Despite the fact that Excel 2007 has now been | | | | Several respondents had war stories to tell, |
| available for over two years, 71% of | | | | where errors in models had gone unnoticed for |
| professionals are still not using the new | | | | months, and caused incorrect decisions to be |
| programme at work. | | | | made. |
| 2. Many Excel users are self-taught | | | | In general, most respondents seemed to |
| Despite the fact that 64% of middle managers | | | | appreciate the value of a Financial Model, as many |
| and above use Excel every day in the course of | | | | were able to cite examples of good uses of |
| their work, over half of them have never been | | | | financial modelling which had made a difference to |
| on an Excel training course. Only 24% of users | | | | their organisations. |
| have been on an Excel training course in the past | | | | For a full copy of the survey report, go to: |
| three years and of those who have attended, | | | | About Plum Solutions: |
| 23% cannot recall anything of value that was | | | | Established in 2004, Plum Solutions assists clients |
| learned. 72% of managers know what a financial | | | | to create meaningful financial models in the form |
| model is. | | | | of business cases, pricing models and |
| 3. Excel users are predominately concerned | | | | management reports in a number of industry |
| about keeping their skills up to date.28% of | | | | sectors, including telecoms, information systems, |
| respondents were concerned about keeping their | | | | manufacturing and financial services. |
| skills up to date. This was heavily reflected in | | | | Principal, Danielle Stein Fairhurst is regularly |
| the comments collected in the survey, and a | | | | engaged as a speaker, course facilitator, financial |
| common theme was that respondents simply felt | | | | modelling consultant and analyst. She runs regular |
| that they were not aware of what was possible | | | | training seminars around Australia and globally, and |
| in Excel. | | | | her custom built training courses have been |
| 4. Errors in financial models were not a | | | | described by attendees as well-presented, neatly |
| significant concernAlthough model error is | | | | structured, informative, practical, and extremely |
| unequivocally agreed by financial analysts to be | | | | relevant to their everyday needs. Public courses |
| the number one issue with using Excel, in fact as | | | | include Financial Modelling in Excel, Budgeting & |
| many respondents were worried about keeping | | | | Forecasting, Data Analysis & Reporting and |
| their skills up to date as were concerned about | | | | Financial Reporting for Executive Assistants. |