Revolutionizing Planning and Budgeting for Companies of All Sizes
SuiteWorld Takeaways with Jason Maynard & Shaquille O'Neal
Jason Maynard on Revolutionizing Planning and Budgeting
SuiteWorld19 was packed full of useful and engaging information about how you can improve your business processes in every department within your organization. The best part? You can guarantee that all the information you’re receiving is coming from seasoned experts on the topic of business process management and scalability.
Different departments within your organizations function differently from each other and therefore require specific approaches. During the second keynote at this year’s SuiteWorld conference, NetSuite SVP of Global Field Operations, Jason Maynard, presented the way in which business can revolutionize their planning and budgeting processes.
In case you missed it, catch up on SuiteWorld’s opening keynote with NetSuite Vice President, Evan Goldberg, and Oracle CEO, Mark Hurd.
Planning for Success
Before we get into budgeting and planning, what about a short interlude with Shaquille O’Neil? Shaq stepped on stage to talk about his experience as an entrepreneur and what inspires him to keep investing in new business ventures.
What is “the fun business”? Shaq calls his current line of work “The Fun Business.” He says that his true north is to bring happiness to the world during a difficult era for politics and business, internationally.
When it comes to investing in new business ventures, Shaq goes on to say that if it does good and has a positive impact on the world, he will invest in it. If an entrepreneur is passionate about what they are investing in, success will come around much easier.
These words should be kept in mind throughout every step you take in your business. If you invest in a business you care about, you plan for success.
End The Disconnect Between Plan & Reality
“If you can’t measure against your plan, then what is the point of planning? Disconnect is one of the most urgent issues when it comes to modeling for continued growth.”
- Jason Maynard
Maynard begins his presentation with these words. It’s clear that, when it comes to your business, you don’t want to play guessing games. You want to make sure your data, from all departments, in clear and connected before you plan for future success.
If you don’t know how much your company can afford to spend, how can you really understand how much your company can make? This is where planning and budgeting come in.
Maynard says, "When you remove all risk, everything that will be left is success."
When you plan for the future success of your business, it's vital to make good judgment and strong decisions with minimized risk. How do you do that?
Watch the full keynote from SuiteWorld19 below:
Keep reading to find out how to plan and budget for your growing business with minimized risk.
How to Plan & Budget With Minimized Risk
1. Upgrade Your Planning & Budgeting System
If your executive team is still handling their processes in a disconnected fashion or relying on outdated spreadsheets, you’ll never get the visibility or budgeting you need.
To find out if your system needs to be updated, check out the 9 core signs that you need to upgrade your planning & budgeting system.
2. Look Into Your Data
You need to end the disconnect and the guessing work when it comes to your data. Make sure your data is clear and concise, among all departments within your organization.
As a global company, planning across the world can prove to be a difficult endeavor. You have all these channels you operate in and constant tasks, so you flip from channel to channel, trying to find the information you need. Frankly, no company has the time to search through piles of paperwork or obscure desktop folders. You need a system that allows you to easily search through your data.
3. Consolidate Your Data
Continuing straight on from the first point, the easiest way to organize and search through data is to consolidate all your channels and bring all that information into a streamlined channel that can be shared among your departments. This includes centralizing data from disparate planning tools and spreadsheets.
If all your data is in one place, you can then consolidate financial, operational, sales & resource planning objectives.
4. Plan By Department
The most accurate way to plan and budget for your organization is to plan your spending by department, project, and role. An organization is not made up of a series of equal parts; every department, project, and role require different resources, and therefore different budgets.
The best way to connect your financial forecasting between these separate parts is to understand and plan for the needs of every component, and then tie it into your larger budgeting plan.
You need a system that allows you to easily coordinate with other departments on budgeting, and also allows you to manage access to specific data by role. That way, those in charge of every department or project, can ensure that the information taken into consideration when creating the plan is accurate.
Planning & Budgeting Gurus
As the largest NetSuite solutions provider across North America, it’s clear to see that GURUS are actually ERP Gurus. With a wide portfolio of projects in our background, we understand why our clients and other NetSuite users need to upgrade their planning and budgeting systems.
Better yet, we understand the type of system that businesses need.
How NetSuite’s PBCS (Planning & Budgeting Cloud Service) Solution Can Help
Now presenting the solution for your financial forecasting!
Oracle NetSuite’s PBCS (Planning & Budgeting Cloud Service) helps businesses with functionalities like:
- The ability to consolidate financial, operational, sales & resource planning objectives.
- Robust models with the user familiarity of Excel spreadsheets.
- Ability to combine live system information with forecasted information.
- Security & Controlled Access (Limit access to specific data based on department and role).
- Go LIVE with a new system for planning and budgeting right in time for your next budget cycle.
Our PBCS Solution Boasts:
1. Fast Implementation Time
- Experience our rapid and painless implementation process. We’ll have you up and running by the time your next budget cycle comes around!
2. Accurate Planning for Both Short-Term & Long-Term Growth
- Accurately plan for your company’s short-term & long-term growth
- Accurately plan your spending by department, project, and role
3. Intuitive User Interface & Functionality
- Use the Excel interface you’re familiar with, or switch to an intuitive web interface designed to help you learn quickly.
- Limit and manage navigation flows with role-based functionality, so that every user gets access based on their usage needs without affecting other departments
You too can be in the “fun business” when your business is planning for success!