Posted: Jun 18, 2020
Ensure your budget intelligently adapts to changing circumstances
Budgets are the roadmaps that guide companies forward, directing our decision making and informing us when we’ve strayed off target. Accurate budgeting is difficult even under ordinary circumstances, whether it be sales, supply chain, or payroll there are both internal and external factors that need to be considered. However, what happens when these variables shift from ordinary to extraordinary? When the foundational assumptions of a budget are subject to extreme uncertainty, can it still be used as a meaningful tool?
Having an agile budgeting approach is crucial during periods of uncertainty. The budget needs to be continuously monitored to ensure it is still guiding us in the direction we want to go.
Inaccurate budget forecasts can lead to poor decision making.
What tools do companies have to assess these budget variables? At Pontem we are actively developing solutions to address this problem. Three solutions we’re recommending are:
- A dashboard monitoring the fluctuations in key budget variables
- Multi-variable sensitivity analytics
- Weekly financial and operational scorecards
These analytics allow business leaders to oversee and adjust their targets to the current environment, empowering them to properly identify and mitigate risks, maintain resilience, and establish sustainable business solutions that improve both current and future results.
Have the information you need to make informed decisions, begin your journey to becoming a data-driven organization today by getting in touch with our team.
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