Financial Budgeting & Planning Challenges
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.
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 planning participants and systems 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
Organizations can embrace digital ledger technology to address these challenges and increase productivity. For example, access-controlled inputs from all participants with full provenance helps project and predict how the business will perform and increases trust and data accuracy enabling better decision-making.