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.