“[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
“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.”