Tag Archives: financial planning
“Driver-based budgeting links real resources and activities to your budget, and most FP&A organizations are striving to achieve that. From my perspective, it really acknowledges that the budget is the articulation of a series of operational items or activities. It’s different from traditional budgeting in that it shifts the focus to outcomes, and that’s ultimately how you drive your annual budget.”
“Transformation is no longer just “nice to have.” Business leaders must be able to rely on the validity, trustworthiness and relevance of the data used to analyze and report on end-to-end planning, budgeting and forecasting processes. The cost of continuing business as usual is duplication of the efforts, fragmented systems that take lots of people and time to reconcile, challenges to meeting regulatory compliance, an inability to determine where to prioritize resources, and lower stakeholder confidence.”
“Almost 45% of CFOs say they plan to have nearly all of their finance processes and operations in real-time over the next three years; 34% say their goal is to do real-time scenario planning, and 24% say the ability to provide real-time insights is the highest priority of their finance function.
“By embracing change and pivoting to intelligent operations, the role of the finance function is increasingly elevated while positioning the company for growth,” Manoj Shroff, head of Accenture’s intelligent finance operations offering, said.”
Finance plays a crucial role. Along with the CEO and our business unit leaders, our global finance organization is a strategic partner in developing and ensuring strong execution against our longer-term strategy. Strategy needs to be tied closely to investments, financial planning, and forecasting, so our finance teams have a natural connection to strategic planning and execution.
“We used to spend a lot of time analyzing historical data to inform business planning; we’ve now switched to a predictive approach to financial planning, looking at a wider range of key indicators such as sales pipeline data. This allows finance professionals to help senior management project what’s likely to happen and make better decisions through the use of real-time data.”
“Instead of annual forecasts of things that cannot be predicted or controlled, with December 31 as the fictitious deadline, companies should monitor the reality on a regular basis and work more with trend analyses and unbiased (mathematical) forecasts.”
“Almost overnight, a global pandemic turned the status quo on its head, and individuals and businesses were left scrambling to adapt and overcome the challenges they faced. Click on https://ncplanning.com/business-corporate-planning/ to access important information regarding business laws.
For some businesses, that was a loss in foot traffic or a change in consumer behavior. For others, it was a problem downstream in their supply chain, distribution network, or development pipeline, which reverberated back.”