Thursday, 27 January 2011

Forecasting and Performance Analysis - Alternative Systems

Forward planning and performance monitoring are both important management functions for any business or organisation. This is true at any time, but especially when finance is being raised or banking facilities need to be monitored.

Budgeting and forecasting is a regular activity for most organisations, together with variance analysis against actuals.

But all too often these processes are using systems which are difficult to use and maintain, often using Excel. In many organisations they are the most ineffective practices in management. They take everyone too much time.

In this article I've written for the IT Faculty of the ICAEW, here are some tips for how alternative systems can help, and what to look out for.