The one constant over the course of the past 2 years is change. Each country, city, community or organization has had to face different challenges in order to return to a position of stability and growth. While it’s clearly not possible to prepare for an unprecedented event, those organizations that had invested in modern efficiencies in their finance function fared better during, and now after, the most pressing crisis of a generation.
As the world changed, companies were forced to change with it, and this meant near-constant re-forecasting to provide vital insight to underpin strategic decisions. Under this extreme duress, it became clear that PBF and reporting are both vital and underinvested. So now, senior finance executives are urgently trying to speed up and simplify the process in order to survive in a rapidly changing landscape.
At first glance, FSN’s Budgeting, Planning, Forecasting and Reporting Survey 2022 sponsored by Board, appears to show little progress in the number of organizations taking their PBF transformation seriously, but in fact there is a returning momentum amongst previously paused projects. While the number of companies making significant changes to their PBF processes remains at around 33%, those that have completely transformed them in the last year has almost doubled from 5% to 9%.
Here are the key findings discussed in the report:
- Making time for transformation
- AI predicted to be the norm by 2030
- Transformation leaders extend their lead
Download to view the Future of Planning, Budgeting, Forecasting and Reporting
