When crunching budget numbers, complex credit unions with several branches and departments might feel like they are searching for a needle in a haystack. Error-prone Excel spreadsheets pose challenges with data integration, integrity and report publishing.

To combat those errors and inefficiencies, many credit unions are rethinking spreadsheets by implementing performance management platforms that assist with budgeting and strategic planning.

"With strategic plans increasingly based on their financial impact, the role of finance is quickly evolving from a back-office function to a more strategic advisory role, and at the same time, the finance department is being asked to be more agile and responsive to an institution's needs," said Ken Levey, vice president of financial institution solutions for Axiom EPM in Portland, Ore. "With these increased demands, it is critical that today's financial institutions leverage more complex, sophisticated forecasting and planning models to drive a stronger link between strategy formulation and execution."