With fluctuating markets, growing regulations, volatile customers, and rapidly changing business models, managing business finance can bring about many difficulties. The challenges with budgeting and forecasting that companies are faced with are both internal and external.
Senior Associate at the Keystone Group, Lee Feingold, expressed that forecasting and budgeting has always been challenging. It’s time-consuming and brings forward a lot of cross-functional struggles since you need multiple areas of business collaborating on the same budget. Nonetheless, it’s more challenging today than ever as a result of the number of external stakeholders involved due to increasing business complexities.
There has undoubtedly been an increase in the number of businesses leveraging technology to improve their planning and forecasting. Solutions such as IBM Planning Analytics helps organisations drive greater process efficiency and deliver the foresight needed to steer business performance. The other beneficial aspect of financial technology is its ability to improve the visualisation of data, which promotes accurate analysis and gives businesses a clearer view of their finances.
However, there are many warning signs that can help an organisation discover when their budgeting process is no longer functioning. Some of the warning signs to look out for is the time the budget cycle is taking. If you feel like the procedure is taking much longer than it should, then perhaps it may be a time for a change.
Data quality also plays an essential role in successful budgeting, and companies need to ensure high data quality to achieve accurate results. IBM Planning Analytics doesn’t just automate manual tasks, it takes you beyond automation by delivering self-service analytics that can help your business discover new insights directly from your data.
Planning a corporate budget is not easy, but there are a variety of ways that businesses can improve the efficiency and accuracy of their budget. With the right solutions, businesses can achieve more agility in their financial budgeting. They can also break away from the traditional budget and explore more effective budgeting approaches.
Discover how IBM Planning Analytics enables finance and business users to create timely, reliable plans, budgets and forecasts: https://enterprise-software.co.uk/resources/planning-budgeting-and-forecasting-software-selection-guide/