The planning, budgeting, and forecasting (PB&F) process is always challenging given the fast-paced and lean nature of private equity. Today, leaders are increasingly recognizing the crucial role technology plays in their PB&F process. In fact, according to a recent PE-CXO survey, 83.6% of respondents reported they have made improvements to data collection and analysis automation to enhance their budget planning over the last year.
Read below to learn more about:
- The positive impacts of new technology, such as cloud-based systems and artificial intelligence, on the planning, budgeting and forecasting process
- What to consider when selecting a software solution for your financial planning operations
- Common mistakes to avoid when implementing new technology
Optimizing Data Collection: The Case for Digital Investment
While new technology may be initially expensive to implement, it can deliver a strong ROI by reducing the time, costs and resources inherent to budgeting and financial planning. Once information is consolidated and reconciled, it not only saves time on operations such as converting information into P&L statements and shortening closing times, but also makes it easier to identify inefficiencies and areas to optimize revenue and reduce overhead costs, making it easier to reduce expenses.
Cloud-based technologies that combine data from multiple areas of a business also allow for more integrated insights that reduce the inefficiencies and redundancies that stem from silos and disparate processes across an organization:
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