As businesses have come across 2020 and the complexities they had due to global lockdown, financial planning and analysis turn to be one of the most navigated operations on record. For the most part, financial planning and analysis render quick insights into forecasts, operational performance, and data-driven answers to make important business decisions. NetSuite Planning and Budgeting tool revitalizes this function to help thriving businesses take a competitive lead and drive lucrative business outcomes in 2021.
NetSuite Planning and Budgeting helps combat the widespread instability across financial planning. This extensively engineered cloud ERP helps get over uncertainty by anticipating trends and helps constantly update business scenarios to comprehend future projections and create new contingency plans as well.
To understand the core capabilities closely, let’s check what we can expect in 2021 in terms of financial planning and analysis for our businesses.
Prediction 1: Continued Scrutiny for Fixed Costs
2021 is as unpredictable as 2020, hence, organizations are keener on critically examining which costs can be cut without putting the company’s future in jeopardy. In times of uncertainty, FP&A teams must continually monitor and scrutinize payroll and benefits, outsourcing, cost of operations, supplier contract terms, and culture expenses.
Prediction 2: More Organizations Will Move to the Cloud
As the CFO maintains and eliminates additional costs to the organizations, seeks helps FP&A to grab insights that help make well-informed informed decisions. The Financial Planning and Analysis team helps ensure high operational efficiencies and optimized profitability.
Additionally, business organizations will continue to adapt to new and advanced technologies that can primarily help FP&A teams conduct their budgeting and planning more accurately. Particularly, manual consolidation of budgets from disparate spreadsheets is one of a few things that FP&A teams cannot afford to rely on and be slowed down by old legacy systems. 2021 is the high time organizations will put all those systems aside that can’t go with the organization’s growth and expansion.
Prediction 3: Prioritizing Business Agility
Businesses of all sizes are now well-versed with the importance of agility for survival, particularly after the 2020 precariousness. Almost all the business leaders, especially FP&A teams have learned the importance of quickly adjusting plans quickly and communicating insights early and often. As resources are already stretched thin, teams will deliver more reports, meet business needs, and explore the capacity to partner with business functions. Businesses will look up to technological enhancements that help an organization minimize planning cycle time, enhance forecast accuracy, and adapt to the changing world scenarios with flexibility.
Prediction 4: Increased Demand of Robust but Flexible Financial Planning
The volatility and irregularity of 2020 forced business leaders to revive methodologies that help reduce risks. Undoubtedly, financial planning and analysis is a complex process, and preparing amid such uneven circumstances can impact business continuity quite adversely.
Thriving organizations will expand probabilities and outcomes to prepare and put more attention on driver-based modeling to consolidate the entire system.
How NetSuite Planning and Budgeting can help?
This power-packed, easy-to-use-and-deploy planning and budgeting solution comes with pre-built and pre-configured capabilities to scale Financial Planning and Analysis Function.
NetSuite Planning and Budgeting Tool
Undoubtedly, with the deployment of NetSuite Planning and Budgeting Tool solutions, you can standardize financial planning & analysis, anticipate predictions & plan accordingly, and be future-ready to ensure business continuity amid uneven world scenarios. To execute on planning and vision successfully, connecting with an acclaimed solution provider partner is an intelligent move.
Being accredited and certified NetSuite Partner in India, inoday delivers its industry expertise to do away with operational bottlenecks and believes in rendering uncompromised solutions. We have continued assisting our clients far and wide even amid the precarious events of 2020. And, we are all set to serve our clientele with exemplary services that have helped us gain global recognition as well.