Budgeting and forecasting is no longer just about measuring past performance; it’s now become a critical competency for organizations to plan, manage, and execute on strategy. How are finance executives responding to the challenge?
More than half (52%) of respondents to a new study reported that creating closer links between strategy and operations is one of their top two priorities. Other key findings from the PricewaterhouseCoopers study (at CFOdirect.com), indicate that the vast majority (65%) of respondents believe the strategic relevance of budgeting and forecasting will increase over time (only 5% expect a decrease). Three-quarters (75%) depend on spreadsheets for all or a portion of their forecasting activities; and 56% of their efforts are still spent on low-value activities, including data collection and consolidation, reviews and report preparation.
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