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Consolidated Data Fosters a Collaborative Budgeting and Planning Process

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insightsoftware is a global provider of reporting, analytics, and performance management solutions, empowering organizations to unlock business data and transform the way finance and data teams operate.

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An effective budgeting and planning (B&P) process has always been a team sport for finance departments and their stakeholders. However, the current business climate is pushing that collaboration to a whole new level. While understanding the company’s financial health remains crucial, as part of a modern finance team, you must act as a strategic partner, guiding the organization through a complex landscape of supply chain disruptions, price volatility, and talent shortages.

This shift towards strategic planning adds a new layer of complexity to the collaborative nature of budgeting. Traditionally, finance teams like yours primarily relied on internal data sources like ERP systems. Now, the emerging need for a more holistic view of your business health necessitates integrating and analyzing a growing number of internal and external data sources. CRM systems, specialized inventory applications, and even HR data all play a vital role in crafting accurate and forward-looking plans.

This expansion presents new challenges for your B&P process. Collaboration isn’t just about internal communication within the finance department anymore. It now requires effective communication and data sharing across various departments, potentially even with external partners. The ability to seamlessly integrate data from these diverse sources becomes paramount to building a clear picture of your business and its future. The collaborative effort required to navigate this data landscape is a significant hurdle that you must overcome to plan successfully.

With the right financial planning tools, you can eliminate data siloes, increase oversight and enjoy a streamlined, collaborative budgeting process. Bizview from insightsoftware consolidates and centralizes your data from all sources so that your business can increase B&P frequencies, enjoy effective collaboration, and streamline processes to drive smarter decisions with accurate, reliable data rather than assumptions or guess work.

Consolidate and Centralize Your Data for a Faster, Easier Planning Process

The traditional budgeting process often feels like a solitary exercise for finance teams. However, today’s complex business environment demands a more collaborative approach. By fostering teamwork across departments and leveraging centralized data oversight, finance teams can unlock a multitude of benefits:

  • Shared Ownership: Involve departments like sales, marketing, and operations in the budgeting process. This collective knowledge leads to more realistic and well-rounded plans.
  • Transparency Through Centralized Data: Eliminate information silos! A central system housing all relevant data sources – ERP, EAM, CRM, HRIS, SCM and more – provides a comprehensive view of the company’s health.
  • Streamlined Process: Collaboration allows for early identification of potential roadblocks and areas for improvement, reducing revision cycles and ensuring everyone is aligned.
  • Enhanced Accuracy: Centralized data oversight minimizes errors and inconsistencies. A single source of truth for all budgeting activities increases the reliability of financial forecasts.

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Empower Your Business Users with Data-Driven Planning

You don’t have to suffer from fragmented and siloed data, excessively long planning cycles, and the inability to adapt quickly to changing business needs. Imagine how many planning and budgeting hours you can save without the need to herd your budgeting stakeholders through a maze of static spreadsheets and manual planning processes. Instead, everyone could have access to accurate, near real-time data from within your financial planning automation software.

Shorten cycles to support continuous planning. With an intuitive web-based, spreadsheet-like interface, you can create any type of budgeting, forecasting, and planning form with Bizview. This empowers your finance team with a robust and cohesive planning process that’s free of the hassle of working with multiple spreadsheets saved on individual PCs.

  • Work with a single source of truth
  • Access up-to-date data at any time and on any device
  • Create a repeatable, standard planning process that automatically reflects changes in your ERP
  • Optimize resource allocation to help drive maximum profitability

Break down silos and create planning transparency. Save time by taking control of budget entry and approvals using powerful workflows and automated, coordinated email notifications to your team. Deploy budget contribution and responsibility to the right people throughout the organization, having them input numbers at the appropriate dimensional level and using the best possible drivers.

  • Comment directly inside planning forms to streamline communication
  • Benefit from sophisticated data access rules and a complete audit trail of changes
  • Simplify adherence to governance and compliance needs
  • Create a culture of accountability across teams by sharing accurate, near real-time data across your business

Increase planning accuracy. Users log in, enter their figures, and the system automatically updates forecast figures with a single click. Create precise reports and dashboards from dependable data so that business executives get the data they need, in the format that works for them, helping drive transparency and accountability across the organization.

  • Keep track and compare your previous figures with built-in version control
  • Adjust and adapt your plans and forecasts throughout the year
  • Use rolling forecasts to drive agility and accuracy across the organization
  • Change existing models on the fly to adapt to evolving business needs

As businesses increasingly rely on the finance function for strategic plans and growth-oriented budgets, fragmented manual planning processes simply won’t get the job done anymore. By leveraging the power of trusted, accurate data from a centralized source, your finance team will be able to create precise reports and dashboards from dependable data, allowing business leaders to make better decisions from better forecasts. To learn how Bizview can help your organization optimize its B&P processes, watch our on-demand webinar: Leveraging Automation in Budgeting & Planning.

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Optimizing for 2024: Leveraging Automation in Budgeting & Planning

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