How financial planning and analysis can bring your company together
Unifying a medium to large size company with many different departments, into one effective whole can sometimes prove to be a herculean task. Different departments may have completely different priorities and viewpoints on factors that affect the whole business. This can lead to fractures within your company structure that could prove damaging in the long run.
A great way to help build bridges between departments is with a unified strategy for financial planning and financial analysis. Here are some great reasons this could really help you out.
It provides a single source of data for your business decisions
One major way using professional financial planning and analysis can help is by giving everyone the same data to work from. This is especially true if you invest in a piece of software like Infor that pulls real-time data together into one place. The beauty with this is that it avoids old or incorrect departmental data becoming the cause of disagreements between your team leaders. With one definitive set of data that everyone has access too, departments are freed up to work together for the good of the business.
Moves away from static planning
Spreadsheets are a great tool, and most definitely have their place, but they can also lead to problems with data isolation in departments and a limited amount of broad-spectrum business planning. In essence, the issue you can get is that everyone keeps their own spreadsheet to analyse and make decisions with meaning there is no joined-up thinking as a whole. Effective financial planning will bring everyone together to discuss your past performance and future goals. Overall, this will lead to a more joined-up approach with teams working together to achieve the set aims.
It helps departments understand each other
One problem some companies face is that their different departments just don’t understand each other or what is important to their individual teams. Financial planning and analysis can help greatly here by giving everyone hard figures and facts to look at, rather than pure opinion. This will, in turn, lead to departments being able to understand the pressures others face or the help they need. The net result of this is a whole organisation that not only gets each other but is also happy to co-operate with each other.
If you would like to know more about how a financial planning software package can help achieve the above, contact CFMS today. We can discuss the exact needs of your business to find the best software and support to help achieve them.