What’s the top priority of CFOs today? According to the Hackett Group, it is “Improving the efficiency and effectiveness of the annual budgeting process.” A remarkable 84% of CFOs surveyed by this leading consulting firm said this was a priority.
An area I think is related to improving the efficiency of the annual budget process is improving partnerships with internal clients, some 68% of CFOs named that as a priority.
While I am not surprised to see these issues make the list, the fact that they are at the top of the list is eye opening. To me it signals that the downturn in the economy has elevated the importance of effective budgeting and planning… that “getting it right” is not a nice-to-have it’s a must-have.
I’m curious as to what other people think is behind “Improving the efficiency and effectiveness of the annual budgeting process” being ranked the #1 priority.