7 in 10 business leaders in Singapore distrust financial forecasts

152 Singaporean business leaders and F&A professionals participated in the study.

Most business leaders and finance and accounting professionals in Singapore lack confidence in financial forecasts, according to research by BlackLine, Inc.

The study found out that 70% of professionals from Singapore lack confidence in the accuracy of the financial data used for financial analysis and forecasting.

“The findings suggest that while businesses now recognize the critical role financial data has to play in informing business strategy and continuity, poor visibility and a lack of access to real-time data is hindering companies’ ability to respond to volatile market changes,” BlackLine said.

The study was conducted by independent researcher Censuswide and examined the impact of COVID-19 on a randomly selected sample of large organizations. Around 1,300 business leaders and F&A professionals were surveyed in seven markets (US, Canada, UK, Germany, France, Singapore, and Australia), of which 152 are from Singapore.