THE FINANCE TRANSFORMATION: Why Do We Forecast, Anyway?

June 2, 2010

by Steve Player

Budgeting expert Steve Player weighs in on one of finance folks' toughest questions.

Why Forecasting? | Source: The Big Fat Finance Blog.

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Forecasting is important when it comes

Forecasting is important when it comes to developing new products or new product lines. It helps management decide whether the product or product line will be successful. Forecasting prevents the company from spending time and money developing, manufacturing, and marketing a product that will fail.

Finance transformation has

Finance transformation has helped companies achieve cost savings and process efficiency across multiple finance functions — especially those with global operations facing redundancy and undue complexity. Drivers for finance transformation extend beyond cost to include higher productivity, mitigation of reduced human capital resources, and better business decisions and analysis.

Budgeting is definitely an

Budgeting is definitely an important thing to have at any business or corporation. I'm doing an internship with a company that is currently running into some budget shortfalls. This is actually a good thing for me since it lets me see how people react to budget problems.