The Importance of Budget Planning and Analytics

Budgeting is the core of finance. Today, most companies believe that they have a shortage of budget. However, in most cases it is not a lack of company cash flow, but instead it is a lack of efficient budget planning. An efficient budget plan can help the firm better allocate resources and reduce overall costs.

To produce a sophisticated budget plan, corporate finance departments should have the capacity to forecast the source and use of funds, in order to have a comprehensive understanding of cash flow details.

According to a 2010 IBM Global CFO Study, 60% of CFOs plan to make major changes to their critical finance practices and processes. However, it is not an easy task to build up an adaptive budget plan. The traditional method of budget planning, most of which is performed using spreadsheets, electronic mail and countless staff hours, cannot capture the timely fluctuation of financial budgeting or meet the need for data-insightful decision making. Therefore, it becomes urgent to introduce a new system to generate a more adaptive, timely, integrated and effective budget plan.

 

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As an IBM premium business partner, Cresco International provides the latest IT solutions to address these financial budgeting challenges. By deeply excavating data for budget planning, we can deliver data-driven insights. These can help you make smarter business decisions. Moreover, we also deliver IT solutions that enable companies to identify the timely trends and patterns that can have a significant effect on business performance, allowing decisions to be made much more accurately and efficiently.

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