Are you making decisions today based on last week’s information?
Many people are overloaded with information during the budgeting process – sales and revenue data, compensation and CapEx planning, project, expense and profitability information, and much more. And, for many, this data comes in various Excel spreadsheets, from multiple sources, in a variety of formats and iterations. This can be challenging – and lead to a long, drawn-out budgeting and forecasting process. In turn, the data that’s thrown at you quickly becomes outdated – and filled with manual data revision inaccuracies.
The length of your budgeting process cycle is arguably the most critical aspect of the entire process, since it is costly and causes your data to be out of date before you can even use it. The numbers you use need to be correct, however, just because numbers are correct in March upon initial budget submission, this doesn’t necessarily mean they will be accurate or true in July/August when you finally see them. They can be substantially out of date within even a month!
Market and business conditions can change in the snap of a finger. This means that you and your stakeholders need to be able to access current information in real time, and to be able to react to it accordingly.
If you think of your finances like an iceberg, the direct, indirect and opportunity costs all exist below the water line. If you can’t see them in real time, they can creep up on you and cause major disruption and other issues later on.
With this in mind, how do you realistically evaluate your budgeting processes and cost, while ensuring your decision making is based on current and accurate information? A comprehensive business analysis and consolidated corporate performance management (CPM) process can help you go below the tip of the iceberg and dive deep into the real issues.
With a corporate performance management solution, you can review and analyze your budgeting and forecasting information in real time, from ONE consolidated course. It automates the process of user budget data collection, review and analysis, eliminating the reliance on spreadsheets and manual revisions. A CPM-based process ensures accurate information in real time.
Don’t let last week’s numbers sink the ship.
True Sky resolves the challenge of the iceberg – giving you the right information, from the right people, in real time. Find out more by calling 1 855 878 3759 today!