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Budgeting: Orchestrating Strategic Outcomes with Financial Data

Blog: Professional advantage - BPM blog

The advantages that the finance team has over all other business teams and functions are the insights they have on every other business function. Finance measure the key resource that without which, the organisation would cease to exist: cash.    

The budgeting process aligns the cash assigned to organisational functions with planned output and activity. The prevailing management reporting provides your finance team with the opportunity to look beyond the financial data.

The finance team is perfectly placed to be the
conductor of the orchestrated strategy and the execution plan.

By leveraging the latest planning and business
intelligence tools and techniques, the KPIs that measure strategic progress
fall out of the budgeting process.

This is much like the conductor of an orchestra,
who is skilled at using their baton in the refined art of directing the
simultaneous performance of multiple musicians through using gestures.

The finance function is also positioned to facilitate the performance of multiple business units by using your planning and reporting software. That is, your budget planning and business intelligence solutions. 

At an elementary level, conducting is very simple. It keeps an orchestra in time and in rhythm. For the finance team, the monthly reporting process provides the opportunity to keep multiple business functions in time with each other. Your business intelligence solutions track the process of each function against strategic targets and facilitate the assignment of actions.

But that’s just where your influence begins; most
importantly a conductor serves as a messenger for the composer. It is the
conductor’s responsibility to understand the music and convey it transparently
so that the musicians in the orchestra are in sync and understand it flawlessly.

This opportunity to act as a key messenger is also
provided to the finance team. They serve as the messengers for the board and
executives. It is a powerful responsibility of the management reporting team to
understand the corporate strategy and ensure each operating function is working
in unison to achieve the organisational goals.

The underpinning message conveyed via reporting is the budgeting process that establishes the KPI targets. The business intelligence solution then provides a transparent tracking of progress.   

Just like the musicians that transmit a coordinated harmony of the music out to the audience,  the finance function facilitates the continuous improvement within the organisation and the efficient and effective delivery of products and services to your customers.

Start your journey to an improved budgeting process. Join us for the 1st episode of the Budgeting Transformation Webinar Series on Wednesday 19th February at 12:30 PM (AEDT).

Our business solution experts Chris Catto and Rebecca Gatehouse will discuss critical time-saving techniques that will deliver a streamlined and efficient budgeting cycle.

Register now!

The post Budgeting: Orchestrating Strategic Outcomes with Financial Data appeared first on Enterprise Software Blog – Professional Advantage.

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