The personal wish list is one of the best-known features of winter holidays such as Christmas. Children in particular will put together a list of the new gadgets and toys they want from their families and friends. Websites like Amazon.com have also made it easier than ever for people to let others see what they would like to receive as gifts.
During this season, your SMB financial team may envision an informal wish list of its own – one that likely concerns the much-needed upgrades to its current set of outdated tools, manual processes, and siloed data sources. Budgeting and forecasting software should be near the top of any such list, but what should it do specifically? Here is what to look for:
1) An accessible and intuitive interface
One of the main shortcomings of relying on age-old tools such as Microsoft Excel and legacy corporate performance management software is that they are not very user-friendly. Spreadsheets require advanced knowledge of formulas and add-ons. Traditional CPM applications are usually designed only for the finance department.
The Adaptive Suite makes work much easier for the entire team. With a streamlined cloud-based design, it is as simple to navigate for non-financial managers as it is for veteran accountants. This ease of use makes it suitable for crafting forecasts, acquisition models, and budgets for specific local markets and industries such as health care.
What's on your company's holiday wish list?
2) Top-notch reporting options
Many organizations lack accurate and timely insights into their own key performance metrics. This shortcoming has far-reaching consequences. First, it creates more work for the team by extending the amount of time they require each month to complete their tasks. Beyond that, it impedes information-sharing between teams, making budget/forecast adjustments tougher.
Modern CPM software provides the visual analytics, nimble forecasting, and automated processes that can solve these problems. Teams can knock multiple days off of their regular workflows and collaborate better with colleagues. Activities that once took entire days, such as refreshing monthly board decks, can now be done with a single click.
3) Accuracy across forecasts
Budgets and forecasts have to be reasonably on-point in order to be useful to your organization. However, there is tremendous variance in many of them – as much as 20 percent in some cases. Such inaccuracy can be caused by inadequate reporting and insufficient access to KPIs.
"With Adaptive Insights, variance in forecasting can be greatly reduced."
With the Adaptive Suite, variance can be greatly reduced, while planning and forecasting can be automated. Essential metrics such as sales by customer segment, customer acquisition cost analysis, and annual recurring revenue can be made widely available to the finance team, enabling them to incorporate the latest information into their forecasts.
Turn the wish list into reality with help from Arxis
Arxis is an experienced professional partner that can guide your Adaptive Suite implementation from start to finish. Don't settle for wishing for new CPM software or a way out of the Excel haze; learn more about Arxis today and get started on the path to better budgeting and forecasting.