Business plans are painstakingly built over the course of three to six months. CFOs pore over historical data and meet with division heads, corporate executives and the Board to document the goals, aspirations and challenges of the company. But once the first month goes by and the initial set of results come in, that plan is out of date and forecasting takes over.
In an ideal world, business planners compare actuals to plan, course correct and reforecast on a monthly basis so that they can assess if their course corrections are delivering desired results. At its best, forecasting is an iterative process that helps business planners keep a tight watch on the health of the company. In today’s uncertain economic and political environment, the forecast is everything.
Fortunately, technology is resolving these challenges. Due to important technology advances we’ve seen a revolution in forecasting. Today’s intelligent forecasting platforms collect data from all points within the organization providing business planners with real-time forecasts at will.
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