The entire report is online at DSSResources.com. Click here to read the PDF document.
A sound financial plan is the vehicle which clearly states strategic business objectives in financial terms. A well-prepared budget forms the foundation of decision-making throughout the fiscal year. However, it is the forecast which allows the business to adjust future expectations based on recent actual performance. With a renewed focus on growth as a strategic goal, and alignment of strategy with corporate performance, companies that hope to achieve Best-in-Class status must be armed with tools that provide visibility and flexibility to strike a balance between aggressive plans for recovery and caution.
Aberdeen used five performance criteria to distinguish Best-in-Class companies. These top performers are notable for achieving the following aggregate average results:
Competitive Maturity Assessment
Top performers in this study shared several common characteristics. The Best-in-Class:
In addition to the specific recommendations in this report, to achieve Best-in-Class performance, companies must:
This complimentary report has been provided by the SAP BusinessObjects CFO Line of Business team to readers of DSSResources.com.
About the Authors
Nick Castellina is an Aberdeen Research Associate Enterprises Applications; David Hatch is Aberdeen Senior Vice President, Strategy and Solutions, Technology Market Solutions.
Castellina, N. and D. Hatch, "Financial Planning, Budgeting, and Forecasting in the New Economy", DSSResources.COM, 04/01/2012.
Chris Herbert of mi6agency.com provided permission to post this summary and the complete PDF document as part of the DSSResources.com ongoing relationship with the SAP CFO Intellectual Exchange Network on March 23, 2012.