Faced with the current economic environment, CFOs are placing management planning at the centre of their preoccupations. In most companies, the indicators that enable future planning are much in demand and deeply analysed. Let's look at these new best practices which more and more CFOs have adopted.

More regular forecasts

Not so long ago, annual budgets were decided on at the end of the financial year and were only reassessed at the end of the next financial year. Now, forecasting is carried out more frequently and for a shorter term. Rolling forecasting is one of the tools in the planners' toolbox.

This type of technique is intended to reduce the time between the different forecasts in order to reallocate budget from one area to another more rapidly, if necessary, and so to optimise expenditure and investment. This is an effective way of bringing agility to the forecasting process.

The outcome brings better and more precise results.

Operational staff at the heart of management planning

Good management planning practices in companies mainly relate to budgets, projections and forecasts. These practices also involve integrating operational staff into the process, because planning that is disconnected from the reality on the ground makes it impossible to draw accurate and reliable conclusions. However, a forecast validated by operational staff will stand the test of time because it is supported by those who participated in its design. Creating links between those carrying out the work and the support functions unites the whole team around a shared project, which is a great advantage for the company.

If you never want to be lacking in inspiration - take the collective route

Inspiration is probably one of the best weapons in a company's armoury. Benchmarking companies, comparing different business sectors, organising discussions and debates with one's counterparts and sharing experiences... All these steps are essential for better understanding of the market, the competition and especially the company's potential for development. It is essential to growth and the improvement of processes to always be on the lookout for the good practices and bright ideas that have enabled other companies to achieve success.

Benchmarking, or competitive intelligence, assists in guiding and modifying one's strategies without actually copying the competition. In order to ensure its continued existence, a company must be inspired.

Towards a successful digital transition

It is impossible to have successful management planning without effective tools. Digital transition plays a fundamental role in the success of a business. To make regular forecasts, modern and efficient tools are essential, otherwise they represent a significant workload, which puts a brake on other priorities and development goals. Digital transformation makes it possible to adapt one's tools to modern technologies and to make productivity gains for the support functions, particularly by reducing time spent on non-value-added tasks. It is not only the best way to improve one's forecasts, but also to increase one's influence and assert oneself as a high quality company.