1. Using standard Excel functions for forecasting
Many forecasts originate from excel data sheets that have been used year after year. While excel is an essential business tool for most, it can be tedious and time consuming to build where people spend hours pulling data, pushing it all together, adjusting those models and rectifying those numbers. Even when these forecasts are built, they are often out of date by the time they are presented to management.
2. Working with all department systems to create your forecasts
Gathering the performance information around the key metrics of their business requires either cross-functional support, which can be time consuming, or logging into multiple systems and manually updating information, which is tedious and error-prone. Pulling, manipulating and formatting data can leave forecasts with big problems. Plus, traditional business management links performance rewards to forecast accuracy, encouraging bad behavior. Errors are bound to happen as models increase in complexity
Combine the most recent information across all departments using Adaptive Insights solution, which can quickly pull from systems such as ERP, HRM, and CRM systems to update forecasts and actuals in minutes instead of days.
3. Proactive decision making
Finance leaders struggle to deliver an integrated forecast across multiple department that can help the organization plan with more accuracy, leading to better resource management.
Adaptive Insights Solution can consistently provide up to date information on head-count planning, management of on hand inventory and reductions in operational costs. An integrated CPM system, like Adaptive, can forecast budgets not just until the end of the quarter or year, but across multiple fiscal periods giving you the insight into your resource needs this year and years to come.
4. Preparing for worst case scenarios
“What do you think is going to happen, based on this information?” “What is causing this to happen?” “What would the impact be if we did ‘X’, ‘Y’ and ‘Z’?” All questions you may have heard before. As resource allocation and competition within industries grows, analyzing business performance and solving these “What-If” scenarios will be crucial for future business growth.
Tools, such as Adaptive’s Solution, can enable CFO’s and CEO’s to rapidly access, analyze and visualize data to help adjust resources and investments as market conditions change. Even traditional business practices of locking funds within departments can easily be amended when budgets change last minute, as is all too common.
5. Relying on IT Support
IT support is almost always necessary when pulling information from multiple source systems. This can create delays in budgets and forecasts, as IT is not always readily available to help and may not understand the needs of the financial department.
A CPM Solution, such as Adaptive Insights, can take away any need for IT support during budget and forecasting consolidation. The end user can manage it all on their own creating more efficient processes.
Interested in learning more about how rolling forecasts can help you? Check out our recent webinar, presented by Sikich Director of Technical Services, Dan Smith.
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