When it comes to planning for the future, the constant volatility of the modern market might make you feel as though it is impossible to remain accurate when it comes to budgeting and forecasting. However, there are solutions to these problems that your business can adopt.
In a recent Aberdeen survey, respondents were asked to designate the top two pressures driving organizational improvement in their current financial planning, budgeting, and forecasting. Respondents indicated that their current processes are greatly hindered by market volatility (26%), as shown in Figure 1. Changing market conditions compel organizations to undertake the length and resource-intensive reforecasting process (31%) that, upon completion, often incorporates out-of-date data. This results in inaccurate budgets and forecasts, which, combined with a lack of internal communication (34%), creates a lack of understanding of the key business drivers that ultimately influence future performance (21%).
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