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THE STATE OF BUDGETING AND PLANNING RESEARCH REPORT Failed Organizations Do Tell Tales The budgeting and planning process has transformed from an exercise of crossing Ts and dotting Is, to one of immense strategic value and equally dire consequences. No longer can we simply look at last years numbers to determine this years budgets. No longer can we only forecast once a year. Or fail to note a slow decline in a line of businesss revenue. The transformation of the budgeting and planning processes is at once a natural evolution and a forced transition. How so? Due to the changing role of the CFO. The office of the CFO has been thrust into a role that is far more strategic and insight-driven because of their access to financial and operational performance information. Due to the pace of business. Fall behind on where your business is performing and where its not and the consequences could be fatal. Sounds unnecessarily ominous. But its not. Fail to plan adequately and fail to exist. A competitor will always be gunning to fill your shoes, put light on your blind spots, and run you out of the market. Due to the power of Big Data. Luckily, and somewhat unluckily, the amount of insights corporations are perched atop is unprecedented. Big data, and within it, granular, low-level data, is home to an unprecedented treasure trove of information and KPIs. If you can properly hone insights from that data, you can make decisions that will guide you into market leadership. INTRODUCTION REPORTpage 2 Due to the innovative technology that gives us power to see, understand and, act on data trends. Technology has advanced to a place where were able to produce more accurate forecasts, to-the-cent budgets, and plan based on how financial and operational variables interact with one another. But just because our needs have changed and the technology is available, doesnt mean were fulfilling our potential. To understand the present pains, gains, pitfalls, and future of budgeting and planning, we distributed a survey to FP if you really want to keep up with the market, you should rely on a strategic planning tool that supports a stronger business decision making process.page 12 CCH TAGETIK FINANCE TRANSFORMATION PLATFORM GET YOUR BUDGETING AND PLANNING PROCESS READY FOR THE FUTURE The Finance Transformation Platform is the key to a modern financial office. The Platform combines a powerful data engine, the Analytic Information Hub, with a full set of innovative financial management solutions, including regulatory reporting, detailed planning, predictive modeling, and profitability analysis. Using the platform, you can easily turn high volumes of granular financial and operational data into information to gain actionable insights. When you unify a powerful data engine and financial management in a single solution, you can support business operations, anticipate risks and identify groundbreaking opportunities. Own your digital transformation. Shorten your close cycle. Streamline budgeting and planning. Optimize profitability analysis. Do all this and more, while getting the data and process governance that Finance needs. Read more A Modern Planning and Budgeting solution. With CCH Tagetik Budgeting & Planning, you can increase insight into your business processes by combining financial and operational data. Using our CCH Tagetik solution, you will be able to: Produce unified and detailed plans and budgets (SKU, patient, financial instruments, VIN level). Link your plans with actuals, connecting your planning process to the consolidation and reporting ones. Plan your way by enabling all kinds of planning including: strategic planning, profitability planning, cash flow planning, production and capacity planning, balance sheet planning, capital planning, expense planning, integrated business planning, sales and operations planning, HR planning by individual EE. Plan by any time horizon. Day, month, year, rolling forecast or long-range planning. Access visualized, sharable analytics and dashboards. Gain transparency and control through workflow, audit trail and collaboration. Create reports with MS Word, PowerPoint, QlikSense & Microsoft BI. Benefit from a flexible deployment with On-Premise or Cloud options. Perform driver-based and zero-based planning top-down or bottom-up. Play out scenarios, versions and perform what-if analysis. Reduce IT dependency by using a finance-owned solution with built-in financial intelligence. Allocate expenses at all levels using an allocation engine. Drill-down and drill-through into details, instantlypage 13 INDUSTRY SPECIFIC NEEDS CCH Tagetik provides budgeting and planning tools for all industries: Detailed level planning and forecasting: SKU, Patient, Financial Instrument, VIN Payroll Planning by Individual EE Profitability Optimization & Analysis by customer / product / line item, and more! SKU level planning in Manufacturing Patient Level Planning in Healthcare Instrument Level Planning in Banking Daily Planning by VIN in Automotive Marketing Planning by Campaign/Initiative CASE STORY BNP PARIBAS REPLACES THEIR LEGACY BUDGETING AND PLANNING SOLUTION “Using a centralized system, CCH Tagetik gives users better and easier access to consistent data at both granular and high levels. The benefit of a single platform is that we dont need to reconcile data. There is no redundant data. We dont have discrepancies between figures. Using a single hub for data collection, budgeting and reporting, we have one source from start to finish.” Karel Geerardyn Finance Business SolutionS BNP Paribas Fortis Dont Just Manage Your Data, Own It. Through our powerful data hub, the Analytic Information Hub, the CCH Tagetik Finance Transformation Platform harnesses large volumes of granular financial and non-financial data so you can uncover hidden value and generate business insights. Make more informed and confident decisions and improve operational and financial results. Using the Finance Transformation Platform, you can: extract, collect, refine, normalize, validate and transform data. link operational and financial data. turn granular data into actionable insights. create a foundation for predictive modeling, artificial intelligence, and machine learning
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