For many, budgeting is still a once-per-year affair involving thousands of spreadsheets and incomplete data pieced together from disparate departments and branches. Learning how to transform budgeting and forecasting can help you gain the insights necessary for well-informed decisions about revenue and profitability.
Between thinning margins, increasingly complex regulations and growing competition from nimble fintech companies, today's financial institutions certainly have their hands full. While the last two decades' historically low interest rates are finally starting to rise, a relative scarcity of profitable loan opportunities isn't making matters any easier.
Financial institutions that aim to compete and thrive in the next decade will need to replace the traditional (but outdated) budgeting process with a more dispersed, data-driven and agile model – one that leverages up-to-date technologies and workflows to quickly respond to market events.