There are two types of Forecasts:
1) the typical "catch-up" forecast, to see how much is required to meet budgetted objectives, and
2) a proper "where will we be" analysis, based on existing business trends, and the need to implement and track corrective initiatives.
The first method, of trying to "catch-up" tends to be a fruitless exercise. The second, of gauging likely results and taking corrective measureS is more likely to succeed.
Regardless of their apparent benefit, many organizations avoid such "where will we be" Forecasting processes altogether given the high level of time commitment required when using inefficient Excel-based technology. Why would an organization invest time and energy in Forecasting when Excel-based Budgeting is so painful?
With BI360's Budget Modeling technology, the same BI360-powered business & budget models can be easily transferred from the traditional Budgeting Process to enable a quick and easy Forecasting process.
With BI360-enabled Forecasting, organizations can stop checking how much "catch up" is necessary to meet previous objectives on a YTD basis, and instead, focus on where performance is likely to be and which new initiatives are required to meet original objectives. Such Forecasts and Initiatives can be easily entered and tracked within the BI360 platform.