3 Keys to Better Budgeting: Process, Technology, and Data

Working to implement an effective budgeting process sets CFOs up for a successful budgeting season.

Sanjeev Parlikar for CFO.com

'Part of applying the “right process” means implementing the technology and data analytics solution needed to not only address immediate budgeting needs but to provide a path forward for the continuous forecasting and analysis that are especially critical in a volatile economy.'

ABSTRACT

With the global economy still far from settled, high interest rates and a tight labour market, the annual budgeting process is now more critical than ever. In this article by Sanjeev Parilkar, he outlines three elements of getting the budgeting process right.

For CFO's and finance managers that still find the annual budget a challenging and painful experience, it might not just be about the methodology that you adopt but the process by which you build the budget.

The author goes on to suggest that having the right technology in place that incorporates real time financial and operational data that allows for enhanced scenario modelling is a critical part of the process.

Furthermore, the author suggests that being able to sift through the mountains of data that organisations have on hand to find the right data is a key element of successful budgeting.

A well-built data warehouse that can ingest and analyse large amounts of data and a set of pre-built data queries that transforms your data into real and actionable intelligence is paramount.

Read the full article here: https://www.cfo.com/news/keys-to-better-budgeting-process-technology-and-data-budgeting-season/697512/

Ramesys Global

Ramesys is an all-in-one budgeting, forecasting and reporting platform, purpose-built for the mining industry, that offers complete cost visibility across the entire organisation. 

Our goal is to make it easier for mining companies to achieve a transparent understanding of their cost performance, develop a cost-conscious culture and create a single source of truth that helps key stakeholders make better decisions, faster.