As a KPMG Director specialising in the efficiency and effectiveness of the Finance function, I was compelled to write about forecasting, which I believe is the future of the budgeting process. My report findings draw upon conversations with a range of industry experts, including pharmaceuticals, the media, telecoms, oil & gas and consumer markets.
Current planning and budgeting processes do not reflect the modern times we live in. We’re in a world where demand and expectations continue to grow while balancing the drive for the efficient use of resources to serve it. To support this expectation, I believe that organisations will need to deploy robust, rolling forecasting models, somewhat at the expense of traditional budgeting processes. I believe putting primary focus on rolling forecasting will enhance business decision capability, in any sector, at a macro-level.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.