Budgeting, planning and forecasting are “mission critical” applications in most organizations today. A poor budgeting process is the number one reason why organizations miss their numbers. Implementing a process that appeals both to the financial organization, officially responsible for the budget, and the department heads, who own the results is hugely difficult. Poor capabilities from… Read More
“Actual Results May Vary” – The Art of ForecastingMost organizations budget. They may not budget well, but at least they try. The budget process is the funding of the next 12 months of the strategic plan. It sets financial targets for revenue and expenses and it (hopefully) lays out how each area of the company will support the company strategy. But is it… Read More |
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Reverse Engineering the Budget ProcessReverse engineering (the process of starting with a product and taking it apart to see how it works) has been used in product development for decades. Many organizations use this as a best practice in copying some key product or concept from a competitor. When applied to a process, it is the practice of starting… Read More |