Telecoms Sector

Telecoms as an industry rely on high-tech applications to provide solutions for customers. It’s what they expect, and so it’s surprising to find that many smaller telecoms companies are lacking when it comes to planning and reporting performance. It’s fairly common to find companies relying on spreadsheets, which are far from ideal when considering the rigour required in creating those plans. And plans are rarely static and will need to constantly evolve throughout the year, for which spreadsheets become a nightmare to manage. For example, when revising budgets, you’ll want to give each department their current actual results and to ask them to submit revisions for future periods. This will require each sheet to be customised, the current results to be locked, and just allow changes to future budget periods. This will involve a lot of work and for most organisations, they just don’t bother.

“[Using spreadsheets meant the]… process was cumbersome and open to errors. We had problems with version control and authorisation as well as timeliness of producing consolidated results for review.”

But it is worth bothering, and here’s the reason why. Budgets dictate the level of investment required and hence the outputs that will be generated. If the budget is no longer realistic, then investments are being wasted and management control has been greatly damaged.

Financial Driver – Keeping the budget alive

Financial Driver can help telecom companies to keep the budget alive by ensuring it stays up to date and aligned with corporate objectives. It’s an enterprise solution that was designed specifically to manage change, however, unlike many solutions, Financial Driver is simple to learn and inexpensive to operate.

“We originally looked at ‘all singing, all dancing’ solutions that would provide us with dashboard capabilities, MI tools, reporting, budgeting and consolidation. Whilst these tools were very impressive, there were concerns that the complexity of these tools would not allow for a quick implementation."

In addition, Financial Driver is a cloud-based solution which means as long as users have an internet connection they can access the system from anywhere and from any Internet enabled device, which greatly reduces implementation cost and time.

“Within a few weeks the system [Financial Driver] was up and running and being used for the ‘live’ budget process with 70 users.”

Financial Driver allows you to plan and monitor performance by type of service, client and a whole range of other views essential for telecom organisations. It also supports driver-based planning which means budgets and forecasts can be assembled quickly by just entering driver data.

“Having a method of version control as well as an authorisation process helped significantly as it meant all budget discussions were around the figures and their drivers as opposed to whether the figures had been taken from most recent versions and whether they had been consolidated correctly.”

Changing the planning process

Financial Driver can help transform your planning, forecasting and reporting processes from a mundane, error prone exercise into one that adds real value to the organisation. For more information: