Our top budgeting, forecasting and business analytics posts for the public sector from the week of September 12th!
Topics: budgeting, Business Analytics, Government Budgeting, Performance-based Budgeting, tools, budgeting and finance
We are so excited to announce our customer, Park City, Utah, has been recognized with a Certificate of Achievement from the ICMA Center for Performance Analytics™ for their performance management efforts!
“The certificate program recognizes the principles of performance management,” said Randall H. Reid, ICMA Director of Performance Initiatives. “Jurisdictions meeting the qualifications have demonstrated leadership in continuous improvement and community engagement, and they serve as examples for other governments to follow.”
Topics: best practices, Government Budgeting, Performance-based Budgeting, Public Sector Budgeting, Park City, ICMA
Performance-based budgeting or budgeting for outcomes (BFO) has taken center stage and not in the best light. Earlier this summer, the Department of Veterans Affairs (VA) introduced the world to BFO — the idea of linking spending to performance — and showed how unrealistic goals, inadequately managed performance measurement systems and improperly used, inaccurate data can have unforeseen, irreparable consequences.
What the public didn’t see, however, is how a properly run budgeting for outcomes system, such as the one currently running in Park City, Utah, can greatly improve how an organization’s budget is prepared, managed and executed, saving time, money and increasing overall efficiency.
In this post, we will clear the air and reveal the top five 'do's and 'don’t's of a properly run budgeting for outcomes system.
After many years observing organizations' budgeting and forecasting software selection and buying processes, we have discovered that many organizations, no matter their size, often jump into the buying process under that assumption that new software will be the answer to all of the organization's budgeting woes. While software can help improve an already well-established budgeting and forecasting process, software in and of itself is never the solution.
Topics: budgeting, forecasting, software solutions, best practices, implementation, budgeting and finance, business processes, Budgeting and forecasting software selection guide
The reality is long established practices that govern budgeting, planning, forecasting, reporting and risk management are becoming increasingly complex.
As a result, budget and finance professionals are being pressured to improve accuracy, efficiency, better controls, and auditability and to provide greater visibility into costs, resources, and performance.
Budgeting, forecasting and performance management is a difficult process for organizations, not to mention reporting on results can be challenging, regardless of size or industry. Enterprise planning is critical for managers that contribute to the overall success or failure of a program, project or product, especially in good and bad economic times. Despite the importance of accurate forecasting, budgeting is often seen as a demanding and inefficient process. Yet forward-thinking organizations see integrated planning and performance management solutions necessary to compete.
Earlier this month, Aberdeen Research released the results of their 2014 Financial Planning, Budgeting, and Forecasting and Enterprise Performance Management Benchmark Survey. The survey sought to discover the best practices and technologies used by organizations that are successfully navigating the financial planning, budgeting and forecasting process. So, what did the survey reveal?
Topics: budgeting, forecasting, Neubrain, consulting, software solutions, industry insights, best practices, performance management, tools, budgeting and finance, business processes, government budgeting software
Many government agencies and private corporations are nearing the end of the 7-10 year average lifespan of most budgeting and performance management software systems, causing more and more CFOs to explore new budgeting and performance management technologies. In fact, according to the “2013 Gartner Financial Executives International (FEI) CFO Technology Study,” nearly 60% of CFOs indicated that investing in analytics and decision-making was their top priority, as it should be.
In the past decade, budgeting and financial planning technologies have transformed from error-prone manual data entry tools to an array of advanced analytical, integrated, and sophisticated real-time budget management software solutions, improvements that are only making the software selection even more difficult. Recent independent research revealed the top three software acquisition impairment factors:
To overcome software acquisition impairment, it is imperative to put time, effort and thought into your software selection process and establish quality requirements.
Click on the infographic and discover just how important detailed, thought-through QUALITY requirements are to your budgeting software selection process or read the complete list here.
Topics: budgeting, software solutions, industry insights, best practices, Government Budgeting, implementation, budgeting and finance, business processes, government budgeting software, budgeting analytics
