Sydney, 21 June 2018 – As the new financial year fast approaches, BOARD International, the world’s leading supplier of enterprise decision-making software, has issued nine key trends which it believes will shape the future of budgeting, forecasting and planning in Australian businesses over the next 12 months.
While manual, spreadsheet-based budgeting, planning and forecasting will undergo a vanishing act, BOARD International predicts the new financial year will usher in real-time collaborative decision making, the inclusion of non-financial data in forecasting, and the increased deployment of analytical algorithms.
BOARD’s nine trends are as follows:
1. Platforms are The Way Forward for Businesses
The growing need for more flexible, end-user driven financial planning and modelling capabilities able to offer more precise and accurate forecasting and simulation, will increasingly require Australian businesses to consider a next generation approach to business thinking combining analysis, reporting, planning and simulation in a single interactive environment.
Decision making platforms will be at the forefront of this transformation, connecting finance and operations by aligning the organisational need for governed planning and analysis processes with the needs of business users for quick and effective access to information.
Increasing numbers of companies will make substantial changes to their budgeting and planning processes to generate better insight. Senior finance executives are already taking heed of this evolution, since it is a fundamental way to improve the finance function and to distinguish financial planning and analysis from the accounting function. Increasingly, businesses will promote insightful planning and reveal unexpected pathways that lead to better business performance.
3. Standardisation and Automation
In order to improve productivity, standardisation and automation will be among the fundamental cornerstones on which organisations will direct their technology efforts from the most simple of tasks to more complex requirements.
4. Analytical Algorithms in the Service of Business
The adoption of algorithms will increasingly enable business users with a basic knowledge of common statistical concepts to quickly produce comprehensive forecasts, create clusters and use analytical functions, without relying on a data scientist.
5. Increasing Inclusion of Non-Financial Data
A treasure trove of relevant data exists within a company’s operational data. More and more companies will look for ways to unleash the power of this non-financial data to assess the best possible decision alternative, based on a 360-degree view of the organisation.
6. Intelligence for Everyone
Self-service analytics and reporting, natural language search and other cognitive technologies are expected to transform the way business users interact with systems, making it much more like human communication and requiring less customisation.
7. Collaborative Real-Time Decision-Making Process
Collaboration will be more effective in the year ahead with management plans linked with downstream execution within a comprehensive environment that includes structured and unstructured data.
8. More Stakeholders
The ability to make shared, fast, real-time decisions will be cultivated into a core competency to keep pace with an increasing set of players involved in the business.
9. A Cloudy Future
Economies of scale, savings, scalability, elasticity, faster time to value and access to a world of data and collaboration are proving irresistible incentives for moving into the cloud. To ensure the successful delivery of a cloud platform, organisations will need to evaluate whether the technological solution is fit for their business rather than the other way around.
About BOARD International
BOARD is the #1 decision-making platform for organizations of any size. Founded in 1994, BOARD International has enabled more than 3000 companies worldwide to rapidly deploy Business Intelligence, Corporate Performance Management and Predictive Analytics applications on a single unified and programming-free platform. The BOARD platform allows companies to achieve a single, accurate and complete view of business information and a full control of performance across the entire organisation, from strategic formulation down to operational execution. Thanks to its programming-free toolkit approach, global enterprises such as H&M, KPMG, DHL, Mitsubishi, NEC, Puma, Siemens, Toyota have rapidly deployed end-to end decision-making applications in a fraction of the time and cost associated with traditional solutions. Headquartered in Chiasso, Switzerland, and Boston, MA, BOARD International has 21 offices around the world and a global reseller network. BOARD has been implemented in over 100 countries.