Financial Planning, Budgeting, and Forecasting: Managing in Uncertain Economic Times
Toronto, ON (Vocus) February 11, 2009
PROPHIX Software, a leading provider of financial business intelligence and performance management solutions specializing in forecasting, corporate budgeting, strategic planning, consolidation, financial analysis and scorecarding, has underwritten the latest benchmark report, "Financial Planning, Budgeting, and Forecasting: Managing in Uncertain Economic Times," announced by Aberdeen Group, a Harte-Hanks Company (NYSE: HHS).
Economic uncertainty makes it difficult to set clear goals and objectives and sustain a financial plan which supports them. New research findings from Aberdeen reveal that organizations must become more agile with their planning, budgeting and forecasting capabilities which are more critical than ever for success and survival during volatile economic times.
Aberdeen's survey of over 150 companies found subtle shifts in pressures impacting the planning, budgeting and forecasting process since prior research conducted early in 2008.
"Speed, agility and accuracy dominated the horizon last year," states Cindy Jutras, Aberdeen group vice president. "Now we see the need to improve agility to adapt to changing conditions rising from the number two pressure last year to number one this year. Not only have general markets become more volatile, the economy has plunged deeper into a recession, causing the reevaluation of many plans and budgets, shifting focus to a different set of objectives, and making a dynamic forecast a much more critical component of the process. The ability to perform ‘what-if’ analysis and shorter budgeting cycle times are leading indicators of agility."
Aberdeen has also revealed a shift in Best-in-Class strategic actions from 2008 to 2009 that is far from subtle.
"A complete flip has occurred in terms of priorities year over year," states David Hatch, vice president and principal analyst. “The top strategy from 2008, automating process flows, is now at the bottom of the list while last year's last place strategy, improving data quality, is this year's top priority. Best-in-Class companies have turned their attention to making better use of automated applications through the development and formalization of processes built around these applications. Companies also realize that budget and forecast information is only as good as the quality of the data. "
To obtain a complimentary copy of the report, visit http://www.aberdeen.com/link/sponsor.asp?spid=30411174&cid=5675.
About PROPHIX Software
PROPHIX Software is a leader in delivering performance management solutions including budgeting, planning, forecasting, reporting, consolidation, personnel planning and other advanced financial functions. PROPHIX Software maintains an outstanding reputation with its customers by consistently delivering tangible value and exceptional ROI, with a lower total cost of ownership. For more information, visit http://www.prophix.com.
About Aberdeen Group, a Harte-Hanks Company
Aberdeen is a leading provider of fact-based research and market intelligence that delivers demonstrable results. Having benchmarked more than 30,000 companies in the past two years, Aberdeen is uniquely positioned to educate users to action: driving market awareness, creating demand, enabling sales, and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen™ for insights that drive decisions.
As a Harte-Hanks Company, Aberdeen plays a key role of putting content in context for the global direct and targeted marketing company. Aberdeen's analytical and independent view of the “customer optimization” process of Harte-Hanks (Information – Opportunity – Insight – Engagement – Interaction) extends the client value and accentuates the strategic role Harte-Hanks brings to the market. For additional information, visit Aberdeen http://www.aberdeen.com or call (617) 723-7890, or to learn more about Harte-Hanks, call (800) 456-9748 or go to http://www.harte-hanks.com.