7 ways to streamline your planning and forecasting

In the volatile world of the Finance function, the budgeting and forecasting process can cause much frustration with little relief. But with advances in technology, there are ways to streamline this business-critical process. We explore the 7 ways we’ve worked with our clients to improve the efficiency and effectiveness of their planning and forecasting models.

Eliminate the need to manage multiple Excel spreadsheets. Working from one central system, such as a cloud-based planning and forecasting solution, allows your team to work from a single version and avoid duplicating incorrect data.

Using the most up-to-date business drivers, you can plan and forecast financial outcomes in the time needed to impact critical decisions. The most successful driver-based models have fewer inputs than traditional models, reduce errors and save time. Allowing you to streamline your processes to become more agile and flexible.

Using the most up-to-date business drivers, you can plan and forecast financial outcomes in the time needed to impact critical decisions. The most successful driver-based models have fewer inputs than traditional models, reduce errors and save time. Allowing you to streamline your processes to become more agile and flexible.

To understand real business drivers, include non-financial measures into your budgeting and planning processes. Get business managers involved and accountable for their financial forecast. Tight integration across teams will allow you to know what is affecting your budget.

While different business units have different goals, adaptive technology can drive your alignment. Finance can view consolidated data and drill back to the details at an individual business unit level too. Allowing you in Finance to plan and forecast the way you run your business rather than just accounting for it.

Using a cloud-based suite allows everyone to be on the same page at the same time. This gives you advanced business logic as well as the ability to build and compare different scenarios. Improving the visibility into your planning and forecasting performance.

Automating your process will mean you have more resources to dedicate to other aspects of your budget. Spend more time on the “what-if” scenarios and predictive capabilities.

In short, improve your planning and forecasting practices – don’t live with them if they are not fit for purpose. There is another way.