How do forecasts differ from budgets?

By Steve Morlidge, Business Forecasting thought leader, author of "Future Ready: How to Master Business Forecasting" and  "The Little Book of Beyond Budgeting"

In a previous blog post I mentioned that people who are highly sensitive to the lack of flexibility of traditional budgeting often see rolling forecasts as the answer. If we update our view of the future more frequently and don’t confine it to the financial year it is obvious that this will be more useful than traditional annual budgets based on the financial year.

Engineering Trust

By Steve Morlidge, Business Forecasting thought leader, author of "Future Ready: How to Master Business Forecasting" and  "The Little Book of Beyond Budgeting"

In the last blog, I described how it is possible to implement Beyond Budgeting in a step-by-step fashion.

If you choose to go down this route you will become increasingly uncomfortably aware of a disconnect between Beyond Budgeting style processes and the rules and routines that govern normal business life in a traditional organisation.

Rolling Forecast: Will Traditional Budget Soon Become Abandoned?

Amsterdam FP&A Board June 2017By Larysa Melnychuk, Managing Director at FP&A Trends group

On 13th June 2017, 29 senior finance practitioners from such international and local companies as ABN AMRO, CRH, Diageo, Gemalto, Henkel, Ingram Micro, Naspers, PvH Europe, Regus, Sandoz, Staples Solutions, TIP Trailer Services, Vlisco, etc., gathered to interactively discuss Rolling Forecast Best Practices at the FP&A Board in Amsterdam.

'Business Analytic' Model Life Cycle

by Michael Coveney, co-author of "Budgeting, Planning, and Forecasting in Uncertain Times"

Analytic models are rarely static. Their aim is to model the organisation in such a way as to allow managers to investigate what is actually going on and to assess changes to the way it operates. These changes may include looking at price/cost structures; the way in which departments are organised; partnerships; outsourcing; or introducing new products/services into new territories.

In each investigation, the model being used will evolve as new information is uncovered that impacts into what is being analysed.

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