Three benefits to implementing a modern planning solution

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2016 has already been a busy (and sleepless) time for CFOs in Asia and around the world as they finalize their budget plans for the new annual business cycle. But what if I told you there are innovative solutions for budget planning that speed up the process and drive better results—making this time of year a lot less painful? In this first blog of a series of three, I will discuss three reasons why financial planners should implement a planning solution—reinventing their budgeting process.

By Serb Jodha

 

Three benefits to implementing a budgeting and planning solution

1. Gain immediate insight

Speeding up planning cycles can give CFOs immediate insight into what consequences budgeting decisions will have on business results. This real-time data is essential in a competitive environment and empowers Finance to become a valued partner to the business. In order to achieve this, CFOs must implement a solution that combines the abilities to budget, plan, forecast, analyze, and report without chasing down disconnected, inaccurate spreadsheets. An automated, cloud-based platform allows planning to be faster and with accuracy, while taking a collaborative approach—ensuring business objectives are aligned across departments or regions. With a tool like Anaplan, it’s easy to assess past performance at any departmental level with real-time reporting and set accurate targets based on scenario-based planning–something that could never be considered in conventional spreadsheets.

2. Improve workflows through centralized communication

Modern cloud-based planning solutions can be implemented at scale, across an enterprise, with less effort and more accuracy than any traditional legacy system. This improves workflow efficiency by centralizing communication around a single plan—increasing visibility and decrease inaccuracies from outdated data. It also empowers finance to push budgeting beyond the basics, by considering advanced drivers and models to align operational and financial plans across Finance, Sales, Operations, and HR—again, without chasing spreadsheets. Modern budgeting and reporting solutions, like Anaplan, can drive efficiency through user-friendly formulas, unlimited scenarios, and personalized dashboards customizable for each business unit. This flexibility makes it easy to compare and combine budgets across departments and avoids mistakes that may be overlooked at the high-level.

3. Drive cross-departmental planning collaboration

a-investvine-article-bcr-iGA starting point for nearly every budgeting automation process is to collect and analyze data quality from as many corporate units as necessary. Starting with poor quality or incomplete, outdated data will result in inaccurate forecast. Cloud-based budgeting solutions that allows for true collaboration across departments greatly reduce the probability of working with incomplete or inaccurate data.

These points are essential, particularly for CFOs—the research paper CFO Innovation Asia Insight Survey shows that some CFOs used to complain that speeding up planning is a painful process because many static solutions don’t allow modifications. However, as discussed above, there are innovative solutions available that allow users to quickly create, modify, and extend a flexible planning processes to achieve predictable, scalable, and cost-effective business models.

Thus, the first tip in this blog series is to convert complex operations into a powerful and easy-to-use budgeting and planning solution—ultimately allowing CFOs and financial planners to gain immediate insight into the consequences of budgeting decisions, driving better business results.

Want to know learn more about speeding up your business planning processes? Watch our 3 minutes demo on Anaplan’s budgeting, planning and forecasting solution and sign up for one of our weekly Finance demos to see it in action.

 

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2016 has already been a busy (and sleepless) time for CFOs in Asia and around the world as they finalize their budget plans for the new annual business cycle. But what if I told you there are innovative solutions for budget planning that speed up the process and drive better results—making this time of year a lot less painful? In this first blog of a series of three, I will discuss three reasons why financial planners should implement a planning solution—reinventing their budgeting process. By Serb Jodha   Three benefits to implementing a budgeting and planning solution 1. Gain immediate...

Reading Time: 2 minutes

a-investvine-article-BCR-enumerated

2016 has already been a busy (and sleepless) time for CFOs in Asia and around the world as they finalize their budget plans for the new annual business cycle. But what if I told you there are innovative solutions for budget planning that speed up the process and drive better results—making this time of year a lot less painful? In this first blog of a series of three, I will discuss three reasons why financial planners should implement a planning solution—reinventing their budgeting process.

By Serb Jodha

 

Three benefits to implementing a budgeting and planning solution

1. Gain immediate insight

Speeding up planning cycles can give CFOs immediate insight into what consequences budgeting decisions will have on business results. This real-time data is essential in a competitive environment and empowers Finance to become a valued partner to the business. In order to achieve this, CFOs must implement a solution that combines the abilities to budget, plan, forecast, analyze, and report without chasing down disconnected, inaccurate spreadsheets. An automated, cloud-based platform allows planning to be faster and with accuracy, while taking a collaborative approach—ensuring business objectives are aligned across departments or regions. With a tool like Anaplan, it’s easy to assess past performance at any departmental level with real-time reporting and set accurate targets based on scenario-based planning–something that could never be considered in conventional spreadsheets.

2. Improve workflows through centralized communication

Modern cloud-based planning solutions can be implemented at scale, across an enterprise, with less effort and more accuracy than any traditional legacy system. This improves workflow efficiency by centralizing communication around a single plan—increasing visibility and decrease inaccuracies from outdated data. It also empowers finance to push budgeting beyond the basics, by considering advanced drivers and models to align operational and financial plans across Finance, Sales, Operations, and HR—again, without chasing spreadsheets. Modern budgeting and reporting solutions, like Anaplan, can drive efficiency through user-friendly formulas, unlimited scenarios, and personalized dashboards customizable for each business unit. This flexibility makes it easy to compare and combine budgets across departments and avoids mistakes that may be overlooked at the high-level.

3. Drive cross-departmental planning collaboration

a-investvine-article-bcr-iGA starting point for nearly every budgeting automation process is to collect and analyze data quality from as many corporate units as necessary. Starting with poor quality or incomplete, outdated data will result in inaccurate forecast. Cloud-based budgeting solutions that allows for true collaboration across departments greatly reduce the probability of working with incomplete or inaccurate data.

These points are essential, particularly for CFOs—the research paper CFO Innovation Asia Insight Survey shows that some CFOs used to complain that speeding up planning is a painful process because many static solutions don’t allow modifications. However, as discussed above, there are innovative solutions available that allow users to quickly create, modify, and extend a flexible planning processes to achieve predictable, scalable, and cost-effective business models.

Thus, the first tip in this blog series is to convert complex operations into a powerful and easy-to-use budgeting and planning solution—ultimately allowing CFOs and financial planners to gain immediate insight into the consequences of budgeting decisions, driving better business results.

Want to know learn more about speeding up your business planning processes? Watch our 3 minutes demo on Anaplan’s budgeting, planning and forecasting solution and sign up for one of our weekly Finance demos to see it in action.

 

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