Most organisations have plans. There is, however, a huge difference between a good plan and a bad plan. A bad plan, for example, is one that consists only of costs and revenues. This plan provides no guidance for the organisation regarding how it is to achieve the revenue targets. There is no linkage between the high level goals and the day-to-day activities necessary to achieve them.
In today’s complex and rapidly changing business climate, there is an increased demand for top management to better observe, measure, and manage their business. Planning and budgeting plays an important role in enterprise performance management. However, in many organisations, planning and budgeting is not seen as adding value since:
As the world is heading towards an uncertain future, businesses can expect some unexpected events along the way. Therefore, agility needs to be embedded in every business process, including corporate financial planning.
Budgeting is one of the most fundamental business processes. However, there have been controversial views regarding to the true value of budgeting, or what it actually brings to companies in terms of ROI. Some people say that the process can be skipped, some say it plays a considerable role, while others remain sceptical about an objective way to measure the ROI of budgeting.
The hospitality sector serves millions of customers every day. Each of them checks in and out with his or her own expectation. Some only need to have a room to stay during a business trip but some other customers also demand other services and spend thousands of dollars on restaurants, dining, entertainment, sports, and spa treatments.
Enterprise performance management (EPM), not to be confused with employee performance management, is increasingly popular thanks to technology advancements. The solution provides powerful functionalities with real-time data consolidation, predictive analytics, cloud-based applications, and better yet, ease of use.
Though lesser known among other software giants like SAP, Oracle and Microsoft, Infor has gained tremendous popularity by offering deep industry-specific applications and suites, cloud deployment and extremely user-friendly interfaces.
In the previous post, we examined the first three biggest Excel spreadsheet failures. In this post, we will go through the remaining four examples of why spreadsheets can become a finance professional’s worst nightmare.
Dana-Farber Cancer Institute has been able to slash the time required to complete their budget process by 40 per cent. And this is just one of the many benefits of an Enterprise Performance Management system.