The Planning, Budgeting and Forecasting (PBF) process may be daunting, but it provides your company with long- and short-term financial goals, so that you can check reality against your vision, confirm the path previously laid, or make necessary adjustments to maximize your company’s strengths.
While some managers may be less than enthusiastic about the work, when completed, the information that PBF can reveal can really get everyone excited and working together toward a common goal. To tap into the interrelated strengths of the three parts of the process, companies need the right tools to coordinate, analyze, report and predict.
Technology is key to making the PBF process easier
Technology has allowed companies to automate major portions of their PBF functionality. The key is to make sure that the software you choose can be integrated with other key software, so that you can get accurate, up-to-date information when you need to make a decision.
For effective and forward-looking PBF processes, companies need core solutions in accounting ERP software, business intelligence tools, and customer relationship management platforms.
Accounting ERP, BI, CRM work together
A powerful ERP system needs to offer real-time reporting, automate workflows, and manage costs. ERP systems need to improve the day-to-day management of a business, identify efficiencies, and save both time and money. Your ERP software needs to deliver information needed at each phase of the PBF process and provide financial modeling to play out possible strategic directions.
A BI system can complement an ERP system effectively by providing holistic views of a business. These perspectives display performance metrics (including workforce efficiency and KPIs), knowledge management, and profitability and productivity indicators. Top BI systems also contain analytics that provide clear enterprise-wide insights that go beyond the financials.
CRM systems track the lifeblood of your business: your customers. The right CRM solution tracks customer demographics, sales histories, marketing responses and sales cycle progress. An effective CRM system should streamline marketing activities and allow for easy access to sales, marketing, and customer analytics. The reporting on these elements is crucial for an effective PBF process.
PBF processes are so important for corporate success. The right reports, analytics and data on financials, performance and customers are crucial inputs throughout the process. The best decisions are those that are informed by real-time data that is cogent and consistent across multiple platform tools.
At NexTec, we work with clients to provide integrated solutions that significantly improve the PBF process. Working closely with a range of software providers, NexTec consultants focus on understanding the needs and goals of each client. With our deep insights into multiple product combinations, we help clients find the solutions that align best with their priorities. Download the NexTec Brochure to learn how NexTec can help your planning, budgeting and forecasting processes move to the next level.