Automating budgeting and forecasting processes through the use of technology significantly reduces therisk of human error, and enhances the ability to budget “on the fly” for “what if” scenario planning that adapts to the pace of the current business environment.

This is according to Greg Bogiages, director at Cortell Corporate Performance Management, who adds that in today’s fast-paced world, time-consuming manual processes can prove to be a major hindrance.

“Budgeting and forecasting can prove to be incredibly onerous, involving the collection and manipulation of data from multiple sources by multiple departments within the organisation, often into a single spreadsheet, which can only be accessedby one person at a time,” he says.

According to Bogiages, not only do these take months to execute, but the more manual processes involved, the greater the risk of human error, ultimately affecting the accuracy of outcomes. Considering that organisations base many of their important decisions on the budget, accuracy is a key factor.

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