- Feb 24, 2023
- 2 min read
Exposing the Myths (and Realities) of Zero-Based Budgeting - Part 1
Zero-based budgeting is a valuable tool for organizations that are looking to improve their financial performance and control costs. It requires a clear understanding of the organization's goals and objectives, but the benefits of increased efficiency, cost control, and improved financial performance make it a worthwhile investment.
Myth one: ZBB simply means building your budget from zero.
Reality: ZBB is a repeatable process to build a sustainable culture of cost management.
Zero-based budgeting is much more than building a budget from zero. World-class ZBB efforts successfully build cultures of cost management throughout the organization by using a structured approach to facilitate cost visibility, cost governance, cost accountability, and aligned incentives. Fortunately, the culture shift isn’t left to chance. We believe that there is a proven, step-by-step approach to implementing successful ZBB programs, and when this implementation is done well, ZBB makes cost management a part of the way every employee works on a daily basis.
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.