This 2nd Infographic in FSN’s newly released research shows that budgeting, planning and forecasting (BPF) was by far the most disrupted of the core financial processes. But why?
1. It was the go-to process during the crisis. Crucial for getting a handle on likely shape and direction of the business.
2. FSN’s research shows that in a crisis organisations forecast more frequently
3. Urgent changes needed to be made during the crisis to information requirements and the process itself. Those that did not have specialised BPF systems could not adapt quickly enough, especially those relying on spreadsheets.
4. BPF (Budgeting, Planning and Forecasting) frequently has a high number of users/participants. Home working played havoc.
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Other infographics in the Future of Automation in the Finance Function Research series:
WHAT WAS THE MOST DISRUPTED FINANCIAL PROCESS DURING COVID?
COVID HAS CAUSED PROJECT DELAYS – BUT IT’S ALSO AN OPPORTUNITY!
IS THE FINANCE FUNCTION GOING TO BE WORKING AT HOME OR IN THE OFFICE?
WHY ARE HALF OF FINANCE AUTOMATION PROJECTS FAILING?
WHAT ARE THE CHARACTERISTICS OF AUTOMATION LEADERS?
