Financial Budgeting & Planning

Companies spend too much time on data accumulation, verification, and reconciliation. This is simply lost time, money, and resources. Instead, they should be focusing their efforts on improving business processes, spotting opportunities, and contributing to strategy. Digital transformation and blockchain work hand-in-hand to make this happen.

Budgeting & Planning

The traditional budgeting process is broken. It takes a long time, costs too much, and consumes too many resources. Plus, it’s fixed and inflexible, and can quickly become irrelevant. Organizations can embrace digital ledger blockchain technology to ease the pain and increase productivity. For example, access controlled inputs from all participants helps project and predict how the business will perform. Blockchain increases trust and data accuracy enabling better decision-making.

Financial Budgeting & Planning Challenges

  • Exchanging budgeting and planning information has traditionally been done by emailing spreadsheets between process participants. Using email to work through plan iterations is difficult at best
  • Consolidating input from all planning participants at different levels in order to develop a rolled up view of the plan is time consuming and results in a prolonged planning process. This means you can have only a minimal number of planning iterations to develop and agree upon a final plan
  • The traditional manual method of cutting and pasting sections of the plan for different participants and emailing them out often produces many errors and omissions
  • Understanding and analyzing changes between planning cycles and between planning periods is very difficult
  • Since financial planning and budgeting information is extremely sensitive, it’s important for companies to have reliable data throughout the planning process. Emailing spreadsheets around with no security, access control, or audit trail can potentially compromise and expose planning information

Boardwalk Enterprise Blockchain powered Financial Budgeting & Planning

Using Boardwalk for financial budgeting and planning lets you develop an enterprise quality “single version of the truth” for all your planning data. Whether accessed from Excel or a browser UI, all updates by planners are captured on a blockchain with full auditability of all changes, so you always know the provenance of every planning decision. And, since all data is managed in the same shared digital ledger, roll ups are automatic shortening planning time from months to weeks.

  • Fully leverage your legacy Excel-based budgeting and planning data models
  • Automatically distribute, consolidate, and report planning information across multiple levels within the organization
  • Access control means users can only change what they are supposed to, then changes are automatically synchronized with other participants in the planning process
  • A single, secure digital ledger provides a complete audit trail, change history, and comprehensive access control for your sensitive planning data
  • All changes are automatically versioned and securely hashed by Boardwalk which means you can verify all updates
  • Seamlessly share planning data changes between your system of record and your Boardwalk-driven planning process

Benefits of using Boardwalk for Financial Budgeting & Planning

  • Since Boardwalk can directly leverage legacy planning environments, adoption is rapid, training is minimal, and the investment in capturing your existing planning process is preserved
  • Automating the collaboration and consolidation process means budgeting planning cycle times are reduced freeing up employees to focus on activities which improve operational results
  • Reach more participants in the planning process since users can work in isolation and submit their changes when ready to commit
  • Insure reliable data throughout your planning process by leveraging Boardwalk’s enterprise quality, access-controlled single version of the truth for all planning data stored in an irrefutable blockchain
  • Eliminate the confusion of trying to gain visibility into and understand what’s changed across multiple versions using Boardwalk’ unique atomic-level change management and audit trail
  • Planning reports are updated in real-time at the atomic-level versus having to email new versions as changes are made