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Best practices for adopting agile budgeting processes

In the wake of the pandemic and ensuing uncertain business conditions, organizations have a golden opportunity to reformulate budgets and streamline budgeting processes for the future. This is crucial to speed up the budgeting process, gain in-depth understanding for improved ROI and meet overall organizational goals. Here are five ways to do it:

  • Improve leadership and management to build a flexible and agile budgeting approach
  • Maintain budgeting around key organizational drivers
  • Enable iterative planning to increase budget accuracy
  • Focus on building an optimized finance and budgeting process as a core organizational capability
  • Leverage digital platforms to automate repetitive tasks

This will help embrace uncertainty and predict short-term events with better accuracy.

Ralph Geertsema

Partner, Finance & Shared Services Transformation, TCS

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