Financial institutions need to be ready for what’s next, even if it has never been seen before. Flexible, data-driven budgeting, forecasting and planning tools can help CFOs adapt to change and steer the strategic direction for their organization. But not every CFO has the right tools for the job.
say it took three months or longer to budget; once it’s done, it’s already out-of-date
need to do more to leverage financial and operational data to inform strategic decisions
find pulling data from multiple sources into a single report is a top challenge
struggle to monitor the financial impact of capital projects
feel pressure to link financial results to business strategy
are unable to calculate the risk- adjusted return on capital (RAROC)
use multi-scenario analyses to build their budgets
forecast funds transfer pricing
want improvements in reporting and analysis to support decision making
want improvements in profitability measurement across various dimensions
Source: “2020 Outlook for Financial Institutions: Addressing Economic Uncertainty and Competitive Pressure” report by Syntellis Performance Solutions
CFOs have an opportunity to steer their organizations with the right tools. A single platform for budgeting, planning, forecasting, funds transfer pricing and profitability – supported by robust reporting – Axiom Planning and Profitability provides a flexible, collaborative, measurable approach to financial planning. It shortens the budget cycle and offers the necessary insights to drive strategic direction and revenue.
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