Seven Keys To Successful Planning, Budgeting and Forecasting
The key messages to emerge from our research and experience are:
Standardise your data - organisations are finding significant accuracy issues within the budget and forecasting process
Focus on relevant data - information collected through the planning processes is frequently irrelevant to driving and monitoring key aspects of organisational performance
Leverage technology - systems were highlighted as a key problem
Standardise and simplify your process - an enormous amount of time is required to complete the planning, budgeting and forecasting processes
Manage people and process - for the majority of people co-ordination of the process remains an issue
Treat Targets as critical - targets are used widely across organisations however few have standardised processes for reflecting the corporate strategy in the targets set for Business Units
Invest in forecasting - the vast majority of organisations are deploying forecasts however most are only forecasting to the year end, whilst very few are currently adopting the best practice of rolling forecasts
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