Rolling Forecast and SAP BPC Service Management Test Kit (Publication Date: 2024/02)

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Attention SAP BPC professionals!

Description

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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:

  • How best does your organization use balanced scorecards and rolling forecasts to better plan and manage resources?
  • Is your annual plan/budget or monthly/rolling forecast used to update your strategic plan?
  • How frequently is a budget/forecast/rolling forecast prepared within your organization?
  • Key Features:

    • Comprehensive set of 1527 prioritized Rolling Forecast requirements.
    • Extensive coverage of 65 Rolling Forecast topic scopes.
    • In-depth analysis of 65 Rolling Forecast step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 65 Rolling Forecast case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Document Attachments, Variance Analysis, Net Income Reporting, Metadata Management, Customer Satisfaction, Month End Closing, Data Entry, Master Data, Subsidiary Planning, Partner Management, Multiple Scenarios, Financial Reporting, Currency Translation, Stakeholder Collaboration, Data Locking, Global Financial Consolidation, Variable Interest Entity, Task Assignments, Journal Entries, Inflation Rate Planning, Multiple Currencies, Ownership Structures, Price Planning, Key Performance Indicators, Fixed Assets Planning, SAP BPC, Data Security, Cash Flow Planning, Input Scheduling, Planning And Budgeting, Time Dimension, Version Control, Hybrid Modeling, Audit Trail, Cost Center Planning, Data Validation, Rolling Forecast, Exchange Rates, Workflow Automation, Top Down Budgeting, Project Planning, Centralized Data Management, Data Models, Data Collection, Business Planning, Allocating Data, Transaction Data, Hierarchy Maintenance, Reporting Trees, Scenario Analysis, Profit And Loss Planning, Allocation Percentages, Security And Control, Sensitivity Analysis, Account Types, System Admin, Statutory Consolidation, User Permissions, Capital Expenditure Planning, Custom Reports, Real Time Reporting, Predictive Analytics, Backup And Restore, Strategic Planning, Real Time Consolidation

    Rolling Forecast Assessment Service Management Test Kit – Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):


    Rolling Forecast

    Rolling forecast is a continuous planning process that uses balanced scorecards to regularly update resource allocations for effective resource management in an organization.

    1. Implement a rolling forecast process to continuously update financial and operational plans. Benefits: agility in responding to market changes.
    2. Utilize balanced scorecards to measure performance against strategic objectives. Benefits: alignment of goals and actions.
    3. Incorporate both financial and non-financial metrics in the scorecard to provide a holistic view of performance. Benefits: better decision-making.
    4. Automate data collection and reporting to streamline the process and decrease manual errors. Benefits: improved accuracy and efficiency.
    5. Use scenario planning to assess the impact of different business decisions on the rolling forecast. Benefits: increased flexibility and risk assessment.
    6. Share forecast data across departments and teams to facilitate collaboration and alignment. Benefits: improved communication and coordinated effort.
    7. Utilize variance analysis to identify discrepancies between forecasted and actual results. Benefits: proactive identification of potential issues.
    8. Use predictive analytics for forecasting to improve accuracy and identify trends. Benefits: better informed decision-making.
    9. Involve all levels of the organization in the forecasting process to gain diverse perspectives and ownership. Benefits: increased buy-in and accountability.
    10. Continuously review and adapt the rolling forecast process to ensure relevance and effectiveness. Benefits: continuous improvement and adaptability to changing market conditions.

    CONTROL QUESTION: How best does the organization use balanced scorecards and rolling forecasts to better plan and manage resources?

    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    By 2030, our organization will have fully implemented a dynamic and integrated approach to planning and managing resources through the use of balanced scorecards and rolling forecasts. This Big Hairy Audacious Goal (BHAG) will position us as a leader in the industry, with a proven track record of successfully adapting to changing market conditions and effectively allocating resources for optimal results.

    To achieve this goal, we will leverage the power of balanced scorecards to align our business objectives with our strategic goals. This will ensure that every department within our organization is working towards the same targets, and we can monitor and measure progress in real-time.

    In conjunction with balanced scorecards, we will implement rolling forecasts as a continual planning tool, allowing us to make proactive and agile decisions based on updated financial and operational data. This will enable us to anticipate potential risks and opportunities, make timely adjustments, and maintain a competitive advantage in the marketplace.

    Additionally, our organization will foster a culture of accountability and collaboration by involving all stakeholders, from department heads to front-line employees, in the development and monitoring of both balanced scorecards and rolling forecasts. This will promote transparency and ownership, resulting in a more engaged and motivated workforce.

    Through the implementation of this BHAG, our organization will not only become more efficient and effective in managing resources but also build a strong foundation for sustainable growth and success in the long term. By continuously adapting and refining our approach, we will create a resilient and agile organization that can thrive in an ever-changing business landscape.

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    Rolling Forecast Case Study/Use Case example – How to use:


    Client Situation:

    ABC Corp is a Fortune 500 company that specializes in manufacturing and retailing consumer electronics products. The company operates globally with multiple production facilities and distribution channels. ABC Corp faced challenges in managing its resources, which included production facilities, inventory levels, and workforce planning. The traditional budgeting process used by the organization was time-consuming, inflexible, and did not provide accurate forecasts for resource allocation. As a result, the organization struggled to meet customer demand and optimize its resources effectively.

    Consulting Methodology:

    To address these challenges, ABC Corp hired a consulting firm to implement a rolling forecast approach supported by balanced scorecards. The goal was to achieve better resource planning and management through increased visibility, agility, and accountability.

    The consulting firm began by conducting a thorough assessment of ABC Corp′s current financial planning and forecasting processes, including analyzing the accuracy and effectiveness of the existing budgeting process. The consultant also interviewed key stakeholders, including finance, operations, and sales teams, to understand their resource planning needs and pain points.

    Based on the assessment, the consulting firm proposed a four-phase methodology for implementing a rolling forecast approach:

    1. Design Phase: In this phase, the consultant worked with ABC Corp′s leadership team to define the key performance indicators (KPIs) and their respective targets at a strategic level. This step involved establishing a balanced scorecard framework that aligned with the organization′s overall business objectives.

    2. Data Collection and Integration Phase: In this phase, the consultant worked with the company′s finance and IT teams to identify and integrate all relevant data sources. This process included historical financial data, sales data, and operational data, such as production levels, inventory levels, and workforce data.

    3. Forecasting and Scenario Analysis Phase: With the data integration complete, the consultant built a rolling forecast model that could leverage historical data and combine it with current trends to predict future outcomes. This phase also incorporated various scenario analyses to assess the impact of potential market changes or resource allocation decisions.

    4. Implementation and Monitoring Phase: In the final phase, the consultant worked with ABC Corp′s finance team to implement the rolling forecast process and educate key stakeholders on how to use the new approach effectively. The consulting firm also developed regular monitoring and reporting processes to ensure the accuracy and effectiveness of the forecasted results.

    Deliverables:

    The main deliverables of this project included a strategic balanced scorecard framework, a rolling forecast model, and implementation guidelines for monitoring and reporting.

    Implementation Challenges:

    Implementing a rolling forecast approach supported by balanced scorecards posed some challenges for ABC Corp. The most significant challenge was changing the organization′s long-standing budgeting process mindset and gaining buy-in from key stakeholders. The consultant had to conduct extensive communication and education sessions to help employees understand the benefits of using a more agile and data-driven approach to resource planning.

    KPIs:

    ABC Corp saw significant improvements in its resource planning process due to the implementation of rolling forecasts and balanced scorecards. The company was able to achieve an accurate forecast of financial performance, optimize inventory levels, and effectively plan for workforce needs. Some of the key KPIs used to measure the success of this project included:

    1. Forecast Accuracy: This KPI measures how closely the organization′s actual financial results align with the forecasted numbers. With the implementation of rolling forecasts, ABC Corp was able to achieve a forecast accuracy rate of 95%, compared to its previous rate of 80%.

    2. Inventory Turnover: This KPI measures how quickly ABC Corp is selling its products and managing its inventory levels. With the rolling forecast approach, the company was able to maintain optimal inventory levels, resulting in a 15% improvement in inventory turnover.

    3. Resource Efficiency: The implementation of rolling forecasts and balanced scorecards allowed the organization to optimize its workforce planning. As a result, ABC Corp saw a 10% increase in resource efficiency and a reduction in overtime costs.

    Management Considerations:

    The implementation of rolling forecasts and balanced scorecards has transformed the way ABC Corp plans and manages its resources. The organization now has better visibility into its financial performance and can make more informed decisions about resource allocation. The rolling forecast approach has also increased agility, enabling the company to adapt quickly to market changes.

    Furthermore, the implementation of balanced scorecards has provided a holistic view of performance, encouraging accountability and alignment with strategic objectives. This approach has also improved communication and collaboration among different departments, leading to better coordination in resource planning.

    Citations:

    1. Kaplan, R. S., & Norton, D. P. (2008). The execution premium: Linking strategy to operations for competitive advantage. Harvard Business Press.
    2. Prim, L., Lennon, B., & Chialina, M. (2009). Rolling Forecasts: An Evolutionary Approach to Enhancing Financial Planning and Control. Institute of Management Accountants.
    3. Galaviz, H. (2011). Recent Trends in Rolling Forecasts. Strategic Finance.
    4. Gartner, Inc. (2019). Emerging Market Analysis: Rolling Forecasts Enable Resilience in Enterprise Performance Management.
    5. IBM. (2020). Rolling Forecast: Advancing Beyond Budgeting.
    6. Deloitte. (2019). Unleashing Enterprise Value with Rolling Forecasts.

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