Report Highlights Planning, Budgeting and Forecasting

Earlier this year, I wrote on the importance of planning, budgeting and forecasting to cope with unforeseen events, such as a rapid deterioration in economic conditions.

Aberdeen Group has issued a report on this topic, "Financial Planning, Budgeting and Forecasting: Managing in Uncertain Times," which is available as a free download from our site.

The results are revealing. Best-in-class companies, the overall top 20 percent of the companies measured, closed their books faster, more accurately and showed more improvement in profitability. Here are 5 compelling facts about best-in-class companies:

• Produced 317% improved profitability through better planning, budgeting, and forecasting
• Are 36% more likely to reforecast as market conditions change
• Are more likely to apply "what-if" scenarios during the reforecast process to create higher budget accuracy
• 80% more likely to drill-down to successive levels of detail from summaries
• Reduced their budgeting cycle times by 24% year-over-year

What’s a common thread for Best-in-Class companies? 100% percent of those measured by Aberdeen invested in applications to assist in the planning process.

If you’re not best-in-class, take a look at this report and see how you can emulate the strategies of leaders in financial planning, budgeting and forecasting. And if you’re already there, the report has recommended actions on how you can get even better results.

Posted by Christina McKeon, Director of Product Marketing, Performance Management

Comments

[Luz María]

I agree that planing, budgeting and forecasting are very important for companies that want to reduce their costs and expenses and also seek to meet their clients at the time agreed.

A solution that lets to have this advantages is SL 8.

http://www.cimatic.com.mx/noticias/20090529-Infor-ERP-Syteline-8-01-mejor-que-nunca.php