Once a budget has been established (see Budgeting), the next objective is to achieve or exceed budgeted results. Forecasts are valuable tools that allow you to update projections during the year for known/actual results to date and anticipated changes to the assumptions for the remainder of the period. This allows management to determine whether the organisation or parts of the organisation are still on track to achieve the committed budget. and to take the necessary corrective actions to improve the outcome during the remainder of the period.
Although some organisations only perform formal reforecasting exercises on a quarterly basis, many organisations are moving to more dynamic monthly or even rolling 12 month reforecasts. Understandably, it is therefore important that the forecast can be completed as quickly and accurately as possible. In many organisations the process is so time consuming that it seriously deminishes the value achieved.
How are our Forecast Solutions Different?
BIOLAP provides customised forecast solutions that use an OLAP multidimensional database and engine to store budget, actual and forecast data, assumptions and formulas centrally. Users can interface with the model using Excel and Web-browser templates. The benefits of this approach include:
- If it takes days or weeks to create forecasts, the opportunity to analyse the near-term business scenario will be lost.
- Immediate data for Actuals
- Dynamically retrieved from transactional systems - which in turn serve as the basis for Forecast figures. This means an end to waiting for end-of-the-month, batched reports, as well as an end to redundant re-keying to prepare Actuals, Budget and Forecast data in composite reports.
- Universal formula application
- You decide the percentages, weighting and other metrics that affect your revised forecast figures - our solutions apply them across all areas, regions, products, etc. for fully automated calculations.
- Use Excel
- Users work within a familiar Excel environment. No lengthy classes to attend or programs to decipher. Just use Excel spreadsheets but with automatically-provided data and the power of combining hundreds of spreadsheets into one.
- Share instantly throughout the enterprise
- Whether on the LAN or accessing forecast cubes remotely, our Forecast solutions provide instant access and the certainty of working from the exact same version of the information.