It is that time of the year again and the budget cycle is approaching soon. Before opening your systems to your budget-owners, your system may be due for maintenance and upgrades. The current methods used to calculate your budget in the previous year may no longer be applicable to this year’s budget. That is why new sets of inputs, calculations, or reports need to be updated to provide your team with a more accurate and comprehensive budget. Here are a few things to consider as you look to improve your current budget system for the 2023 season.
Update Data Models
The budget process is dependent on the properties within your data that enable you to effectively perform data modeling and reporting activities. As the year progresses, new data may be imported from an external data source or new calculations and formulas are developed but not applied entirely. To make sure your budgets are not created from outdated information, this requires an update of the data in your data models to reflect the most current data.
Our service team can help refresh and enhance your data model to reflect your business changes and new objectives for the start of the budget. Ensure that your team is working with real-time and definitive business information.
Automate and integrate Data Sources
During your budget cycle, there are data integrations coming into your budgeting applications such as HR, Sales, HCM, CRM, ERP, Financials, and other organizational data sources. New integrations come with new data loads. ProLytics can help streamline and automate the data integration process so that you get the most up-to-date data. By doing so, we can bring in new data sources and help ensure they are working as intended so you won’t encounter any delays during your budget process.
Start the season right
Do you prefer to start your budget with a clean slate? Or do you need to load the prior budget or current forecast as a starting point? Do you need to apply and consider some top-down assumptions? Get your initial budget started with the ability to monitor and utilize scenario modeling throughout your budget cycle. Our team can help re-model your scenarios to fit your new and updated requirements.
We all had an extraordinary year in 2020, 2021, and even 2022. As the world is beginning to recover from the pandemic, having multiple budget scenarios can help better plan for the upcoming years. Utilize “What-If” planning to compare various budget scenarios from your historical data.
Keep the Future Growth in Mind
Recently, organizations have decided to extend their budgets further to compare and prepare for various long-term goals and strategies. Upgrade your current budget inputs and reporting by extending them beyond the next fiscal year.
Viewing Your Budgets with 20/20 Vision
Are you getting the most out of your current reporting and dashboarding? As your budget owners begin entering budgets into the system, it might be time to upgrade the data analysis available to you now so you can have a greater picture of your organization’s current plan. ProLytics offer support to improve analytics and upgrade reports in order to provide you with better visibility into your budgets.
We will consult with you and implement any new changes to help you build a better budget system. Improving your budget today with:
- New worksheets and reports for inputting and analyzing data that you haven’t had in previous budgets
- Additional features such as Allocations, Dashboarding, Cost-to-Serve, Capital Expense Planning, and more comprehensive HR Planning
- Maintenance and changes to your existing data models
Learn how you can streamline and kickstart your budget cycle this year by speaking with one of our experts today.
ProLytics Consulting Group is a business and technology consulting firm that specializes in areas of Enterprise Performance Management and Financial Business Intelligence and Analytics. With decades of successful implementation experience, ProLytics understand and value that each company is unique. We are committed to working closely with each customer to deliver value-added technology solutions that solve their one-of-a-kind challenges.