Budgeting and Forecasting the Top Priority for 76% of BPM Software Users, Survey Finds
July 3, 2020
As the modern finance function continues to evolve, teams are relying on BPM solutions for better budgeting, forecasting and reporting.
A new survey reveals that finance teams are most interested in budgeting and forecasting functions from their business performance management (BPM) software solutions. They’re using these tools to improve key reporting processes and support strategic, finance-led business planning.
The Pulse of Performance Management survey—which is released annually by advisory firm BPM Partners—provides an unbiased examination of the trends and technologies that are shaping the BPM software market. This year’s survey focused on finance’s evolution into an agile, forward-thinking planning function. It also explored the value of BPM solutions when it comes to adapting to changing business conditions.
When asked to identify the BPM components they’re most interested in, 76% of survey respondents said “budgeting and forecasting.” “Financial reporting” and “financial modeling” were second and third on the list at 68% and 48%, respectively.
Furthermore, when asked to point out the primary drivers behind their BPM software projects, “improving management reporting” topped the ranking at 66%. The next two responses in that category were “more frequent, agile planning” (45%) and “better decision making” (40%). Respondents were also asked to identify which aspects of finance transformation are most important to their teams. The top three responses were “operational reporting” (63%), “increased planning frequency” (57%) and “predictive forecasting” (51%).
In today’s ever-changing business environment, it’s easy to see why finance teams are turning to BPM software solutions to support budgeting, forecasting and reporting. Modern BPM tools allow finance teams to consolidate company-wide data for real-time planning and analysis—ultimately empowering key stakeholders with the information they need to make agile, data-driven business decisions.
Source system integrationsandprocess automationeliminate the manual tasks associated with budgeting and forecasting, such as data entry, template generation and variance reporting. With more time for meaningful analysis, finance teams can shift from static annual budgets to a more continuous reforecasting and planning cadence.This is critical, because if teams are still relying on static budgets to plan through the year, their numbers will be obsolete as soon as business conditions change—making it tough to plan for the future with any degree of confidence.
That’s why budgeting and forecasting features are so important in the BPM software market right now.Vena Solutions, for example, supports streamlined budget orchestration, real-time forecasting and agile, finance-led business planning. Vena won a BPM Pulse Award this year for its superior budgeting and planning performance, earning an overall satisfaction rating of 4.62 out of five. The software is also known for its ease of use, scalability and quick time to value for customers.
With the right budgeting and forecasting tools, finance teams can report on key insights faster and always ensure their business plans are based on reliable, up-to-date data. And as more finance teams evolve into strategic, forward-thinking business partners, that kind of insight will be crucial when it comes to planning for today and tomorrow.