It's Time to Build a More Agile Budget
Financial institutions need to be ready for what’s next, even if it has never been seen before. Flexible, data-driven budgeting, forecasting and planning tools can help CFOs adapt to change and steer the strategic direction for their organization. But not every CFO has the right tools for the job.
According to a 2020 survey, CFOs are facing a range of budgeting challenges.
Annual budgeting takes too long
81%
say it took three months or longer to budget; once it’s done, it’s already out-of-date
Leveraging data is difficult
92%
need to do more to leverage financial and operational data to inform strategic decisions
64%
find pulling data from multiple sources into a single report is a top challenge
1
Insights are lacking
60%
struggle to monitor the financial impact of capital projects
97%
feel pressure to link financial results to business strategy
For many, current tools and processes for budgeting and profitability are inadequate
Over half
54%
are unable to calculate the risk- adjusted return on capital (RAROC)
Only
24%
use multi-scenario analyses to build their budgets
Only
41%
forecast funds transfer pricing
Better tools can make a difference
72%
want improvements in reporting and analysis to support decision making
68%
want improvements in profitability measurement across various dimensions
Source: “2020 Outlook for Financial Institutions: Addressing Economic Uncertainty and Competitive Pressure” report by Syntellis Performance Solutions
Axiom Planning and Profitability
CFOs have an opportunity to steer their organizations with the right tools. A single platform for budgeting, planning, forecasting, funds transfer pricing and profitability – supported by robust reporting – Axiom Planning and Profitability provides a flexible, collaborative, measurable approach to financial planning. It shortens the budget cycle and offers the necessary insights to drive strategic direction and revenue.
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For more information about Axiom Planning and Profitability and other Fiserv solutions, call us at 800-872-7882 or click below.
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