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Enterprise planning best practices and challenges

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Leading Enterprises address planning obstacles and improve processes. They take advantage of new technologies and employ planning and forecasting best practices. They are quickly rewarded with more ...

Leading Enterprises address planning obstacles and improve processes. They take advantage of new technologies and employ planning and forecasting best practices. They are quickly rewarded with more accurate plans, more timely re-forecasts and more effective decision-making. Overall, tools and practices SYSTIME brings along save time, reduce errors, promote enterprise-wide collaboration and foster a disciplined financial management culture that delivers true competitive advantage often accompanied by a leading or stable market position. Even though enterprise planning is crucial component of financial management it is often considered as also, burdensome and time consuming.

This presentation provides an overview which helps enterprises to take the first step toward improved budgeting, planning and forecasting approach.

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Enterprise planning best practices and challenges Enterprise planning best practices and challenges Presentation Transcript

  • Enterprise Planning
    Best Practices & Challenges
  • Planning vs. Budgeting vs. Forecasting
    2
    Planning
    Budgeting
    Forecasting
    Centralized
    Decentralized
    Combination
    Summary
    Highly Detailed
    Mostly Summary
    Often
    Annual
    Monthly
    Quick
    Slow
    Quick
    High Performance
  • Concerns for Corporate decision makers
    Planning process tedious and time consuming
    Data integrity questionable
    Variance explanation difficult
    Inflexible tools not supporting dynamic environment
    3
  • Everybody hates it! Everybody does it!
    More time spent on creating budgets than analyzing them
    Budget bears little or no relation to our underlying business plan
    Budget holders hate the lengthy and tedious process of creating, revising and submitting documents
    Once approved no one looks at it again
    4
  • Need for efficient Enterprise Planning Tool
    5
    Planning process tedious and time consuming
    Reducing mistakes in business rules
    Increasing the information sharing between users
    Presenting and analyzing data through different perspectives
    Reducing time and complications in data aggregation
  • Best practice approaches
    6
  • Align strategic and operating plans
    Achieving success depends on an organization’s ability to communicate corporate culture, strategy and action plans
    Comprehensive planning, budgeting and forecasting processes ensure that strategy effectively translates into action
    7
  • Start at the top - and at the bottom
    8
    Senior management provide initial guidance from their top-down perspective on strategic goals, objectives and expectations
    Department managers build a plan from the bottom up, indicating how they intend to meet established goals
  • Model business drivers
    9
    A first-rate budget or forecast is based on a model with formulas that are tied to fundamental business drivers
    Full linear costs use the volume
    X
    Rate Method
    Cost to Company
    For step costs use centrally Allocated method
    Driver Volume
  • Drive collaboration between functions
    10
    Not only should strategic and operating plans to be aligned, but plans between functional areas should be coordinated
  • Adapt to changing economic conditions
    11
    Planning, budgeting and forecasting processes must fit your organization culture
    Comprehensive planning, budgeting and forecasting processes ensure that strategy effectively translates into action
  • Manage content that is actionable
    12
    Actionable
    &
    Quick
    information
    A focus on actionable content in planning frees managers from unnecessary detail, enabling them to produce better plans
    Content Management helps a company in:
    Avoid false precision
    Monitor volatile—not stable — accounts
    Aggregate accounts
    Insight from detail
    Efforts in providing detail
  • Timeliness and reliability
    13
    Leading enterprises use technology to successfully manage budget consolidation and aggregations in real time
    Real-time plan consolidation eliminates the necessity to process results manually and enables a smoother, more consistent, more accurate planning process
  • Judge the excellence of planning process
    14
    You are able to deal swiftly and effectively with change
    Your budget is consistent with the strategic plan
    Every budget-holder feels empowered within clearly agreed upon boundaries
    Your budget has been completed on schedule
    Everyone agrees that the process was worth the time and effort
  • Thank Youinfo@systime.net
    15
    The content of this document are proprietary and confidential to SYSTIME Global Solutions Pvt. Ltd. and may not be disclosed in whole or in part at any third party without the prior written consent of SYSTIME Global Solutions Pvt. Ltd.