The traditional finance role of companies is changing dramatically as demands of modern finance increase. A 2016 study found that lack of process, automation, and standards hinder modern finance functions. More time spent on process equates to less time spent on analytics, strategy, business planning, and value creation.
Large amounts of money are spent on developing and implementing core financial processes but no process is more needed than enterprise planning. Fickle consumer behavior, shaky markets, and the technologically advanced business models cause some organizations to be behind and the cost of change is costly.
CFOs now have to look beyond the data infused on spreadsheets and begin asking “when” and “how” questions as it relates to delivering foundational knowledge and impactful benefits across cloud delivery models, business-technology innovation, and deployment across geography, size, and department.
Here are 4 essential characteristics of enterprise planning in the modern age:
A data-infused planning environment aligned with financial and operational goals requires a structured environment along with hardware and software processes.
EP must touch all points of data planning including finance functions, agility, and complementary data sets.
COLLABORATION AND PARTICIPATION
The inter-relations between sales, inventory, logistics and finance go a long way when collaborative technologies are encouraged across an enterprise-wide setting.
All modern organizations put their information in the cloud. Thus, applications must be up and running, configurable, and accessible in the cloud so that data can move quickly and more reliably.