Archive for March 13th, 2008

13
Mar

Create a dynamic planning budgeting and forecasting process

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Categories: Business and Personal development

APQC studied best-practice organizations in the planning, budgeting, and forecasting process and found that through implementing innovative and successful financial plans, these organizations were able to create:

  • sustainable growth,
  • continued financial success, and
  • ties of accountability and commitment at all levels of their organization.

Learn how Bank of America, Emerson Electric, Nestle Purina Pet Care, and Wachovia:

  • design an efficient and rapid planning, budgeting, and forecasting process that balances competing influences;
  • regularly refresh the plan to reflect shifting goals and variable external conditions;
  • drive and measure performance through the organization while using the plan; and
  • leverage technology to support an effective planning process.

The Best-Practice Organizations

  • Bank of America utilizes a Hoshin planning process to support its implementation of Six Sigma.
  • Emerson Electric demonstrates effective use of a traditional approach to planning and budgeting.
  • Nestle Purina Pet Care links its planning processes to its use of a balanced scorecard.
  • Wachovia’s retail bank division has successfully eliminated traditional budgeting, showing how to achieve continuous planning and adaptive control.

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