It's Time to Build a More Agile Budget

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.

 

According to a 2020 survey, CFOs are facing a range of budgeting challenges.

Annual budgeting takes too long

81%

say it took three months or longer to budget; once it’s done, it’s already out-of-date

 

Leveraging data is difficult

92%

need to do more to leverage financial and operational data to inform strategic decisions

64%

find pulling data from multiple sources into a single report is a top challenge

1

Insights are lacking

60%

struggle to monitor the financial impact of capital projects

97%

feel pressure to link financial results to business strategy

  

For many, current tools and processes for budgeting and profitability are inadequate

Over half

54%

are unable to calculate the risk- adjusted return on capital (RAROC)

Only

24%

use multi-scenario analyses to build their budgets

Only

41%

forecast funds transfer pricing

Better tools can make a difference

72%

want improvements in reporting and analysis to support decision making

  

68%

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

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Axiom Planning and Profitability

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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