There are more ways to plan forecast and budget than ever before. More data, certainly adds to the possibilities, but also how businesses are structured and measure performance has evolved. Services driven by people performance need to be measured, and traditional cost centre budgeting doesn't always fit the structures behind today's organisations. So we took a look at how some of our customers have tackled modelling the most important asset of all - people.
Speed is of the essence when it comes to decision making. What drives this is good information and processes.
So from start line finish how long does this process of decision making take in your organisation?
Winning a drag race is about engine power and transmitting that into grip on the road, as well as a good driver to steer the course. In the decision making process the power is in the information to drive the decision, transmission is about getting insights and reports out to all the relevant stakeholders and the driver is you, the CFO who steers the course by providing good analysis and insight.
High growth has its own challenges.
Debt structures, covenant limits and cash flow need to be continually corrected and adjusted and be reliable, under the onslaught of constantly changing factors. Yearly or even Quarterly plans will not cut the mustard. Assessing, projecting and managing the financial robustness of a business requires monthly rolling forecasts.
Learning to control your forecasting
If you're forever chasing forecasts and looking for ways to shorten the process and reduce the resources sucked into building them - then read on.
So what are the constraints of forecasting in today's businesses?
- The time & resources it takes to produce a forecast
- Information gathering and data manipulation
- processes driving contribution and sharing with the business.
- Capability to analyse effectively
We'll help give some pointers on what can be done to ease forecasting so you're not always playing catch up.