Leading pressures:
- market volatility creates the need to dynamically account for change
- need to better align planning / budgeting with corporate goals
- corporate mandates for cost control
- current inefficiency of the process
Leading strategic actions:
- develop a formal planning / budgeting / forecasting workflow process
- improve data quality
- develop a consolidated view of the process and the results, to be available on demand
- automate the process flows associated with the budget process
- employ driver-driven analysis and scenario modeling
To achieve best-in-class performance, companies must:
- use technology to automate and assist in the budgeting process
- have visibility into all factors and collaborate with all stakeholders
- consider alternative scenarios and have the ability to change forecasts, plans, and budgets mid-stream
