In today’s uncertain financial landscape, proper budgeting and business forecasting have never been more important. In other words, CFOs and finance leaders must develop future-facing strategies to ensure their businesses adapt to ever-changing markets.
Future of Planning, Budgeting, Forecasting, and Reporting Global Survey Highlights 2022
First, explore the results
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Firstly, in today’s uncertain financial landscape, proper budgeting and business
forecasting have never been more important. In other words, CFOs and finance leaders
must develop future-facing strategies to ensure their businesses adapt
to ever-changing markets.
This year’s Budgeting, Planning Forecasting and Reporting Global Survey
Highlights 2022 provides food-for-thought that can help leaders strategize. It’s a
global survey of senior finance professionals from 450 of the world’s
leading companies, conducted by Financial Services Network (FSN) in
partnership with Sage. Dive in to learn more about dependable business
forecasting, optimizing resources, and steering your business to new
heights.
Let’s go
1
Finance turns to IT to fix problems with data
Where are finance leaders looking to invest according to the survey highlights?
Firtsly, finance turns to IT to fix problems with data
How leading businesses are challenging the status quo and shifting from
spreadsheets to strategic solutions. All the data in the world is no good
if you can’t organize it well and interpret it correctly. In other words, businesses need
fit-for-purpose IT and automated work processes to gather, analyze and
understand data. Select an icon below to explore the key areas IT and
senior finance professionals will invest in by the end of the decade.
33%
of finance functions have made significant changes to their Planning,
Budgeting, and Forecasting process in the last three years
2
Making time for transformation
Why can’t finance teams commit?
Finance teams are constantly being asked to do more with less – so finance
transformation should be a no-brainer. However, many feel they’re unable to
commit the time and resources to make it happen.
Survey highlights respondents were asked to say how much time they considered feasible
to devote to finance transformation in a typical year, given their current
resources. Moreover, what do you think they answered?
3
Taking full advantage of AI
What needs to happen to implement AI?
71% of senior finance professionals expect to use AI before 2030. However, there
are conditions they consider to be essential in order to implement AI
successfully.
Finance professionals are adamant that IT must not be a ‘black box’ of
indecipherable algorithms understood only by systems analysts and data
scientists. They want ownership of the systems that they will use for
planning, budgeting, and business forecasting, and be able to change and flex
them within the function itself.”
Ben Collins
Senior Director of Financial Services, Sage Intacct
Gary Simon
CEO, FSN and Leader of the Modern Finance Forum on LinkedIn
Only 43%
of organizations can forecast revenue to within +/-5%
4
Forecasting
What does the future of reporting look like according to survey highlights?
Business Forecasting
Finance professionals know that careful planning and thorough reporting go
hand in hand. In addition, the types of reporting may require most investment by
the end of the decade than others.
70%
View compliance and risk reporting as needing the most investment
90%
Want to invest in business forecasting the most
50%
Want to invest in financial/statutory reporting
73%
Say budget reporting requires the biggest investment
68%
Say sustainability reporting (ESG) requires the biggest investment per survey highlights
69%
Want to invest in self-service reporting the most
68%
View regular management reporting as needing the most investment
Our current finance landscape is more dynamic than ever and
forward-thinking leaders are increasingly turning to solutions that will
future-proof their businesses.
5
Scenario planning according to survey highlights
What tools are best for getting the job done?
Scenario planning
Finance professionals are always looking for the right tools to help them
plan in an ever-changing world.
Which accounting technique do leading finance professionals describe as the
most valuable when it comes to the agility of their budgeting and business
forecasting?
xP&A
Scenario planning
Rolling forecasts
Zero-based budgeting
Take a guess
Select your answer above
Only 19%
of organizations have moved to rolling planning
Making a difference with
Sage Intacct
From a strategic information point of view, we’re in a better position
to manage through something like a pandemic.”
George Lawton
CFO, The Answer Company
1 / 5
Interested?
In conclusion, if you’re looking to see how the right digital tools can help you transform
your planning, budgeting, forecasting and reporting, book a tour of Sage
Intacct and see how we can help.
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