It is safe to say most businesses would resort to cost cutting initiatives in a time of tight margins and high risks. However, a research by McKinsey shows that only 26% of those cost-reduction programs, still yield effective results after four years. CFOs, therefore, are increasingly turning to zero-based budgeting, ZBB, as a more sustainable approach to cost reduction.
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Planning, Budgeting, and Forecasting (PB&F) is one of the three management processes that constitute Enterprise Performance Management (EPM). We have presented the basic principles of EPM and its other two components in a previous post. In this article, we will dive deeper into the PB&F process and discuss the similarities and differences among financial planning, budgeting, and forecasting.
From cloud computing and robotic process automation to analytics, AI, and machine learning, a new class of digital disruptors is transforming the role of finance. Will all the automation and technology that CFOs have at their fingertips ultimately replace the need for a traditional finance chief, or will CFOs be able to harness that technology to improve their bottom lines?
Integrated Business Planning (IBP) has delivered significant benefits to practicing businesses. According to a recent study conducted by Aberdeen Research, companies with a well-structured IBP process achieved the following benefits over a two-year period post IBP implementation:
Integrated business planning (IBP) is a business-focused evolution of traditional sales and operations planning (S&OP) that aligns sales, business strategy, and operations with enterprise-wide financial performance.
Integrating your ERP system with an EPM solution provides unparalleled benefits to your business. So how does this integration work? How can you consolidate your ERP system data with Infor d/EPM?
In today’s self-service business environment, enterprise resource planning (ERP) solutions are invaluable for consolidating data in a single place—but that’s only half the story. Optimised for back-office transaction processing and operational process support, ERP systems lack the agility to support complex financial processes.
If your business is in need of a full-fledged reporting and financial performance management software with built-in deep analytics, business intelligence, plus the capability to help you gain a holistic real-time view of the entire business performance, Infor d/EPM might be the one that you’ve been looking for.
World Vision, based in Monrovia, California, is a global relief organisation committed to improving the well-being of people around the world, particularly children. With the aims to help poor children and their families build a sustainable future, World Vision’ responsibility is to assure that the resources they spent are used according to their mission. Acknowledging the situation, World Vision realised that they need support in managing their complex financial consolidation and reporting processes.
In order to improve the efficiency of its accounting and reporting systems, Astra Life upgraded its enterprise financial management solution. The results include a 6-day reduction in the month-end closing process, a 75% reduction in reporting time, and a 72% reduction in accounts payable transaction time. How did they achieve such impressive figures?