While a company’s budget is one of its major forward-looking documents, it’s only one of many plans that coexist across business units. Within any department, then, there may be dozens of plans and forecasts, and they’re usually kept on desktop spreadsheets that don’t match up with one another. Our research finds that the connections between these various forward-looking activities are limited. Although companies are not … [ Read more ]
Content: Article | Author: Robert Kugel | Source: Business Finance Magazine | Subjects: Finance, Management
Many companies that look into changing their costing systems find that they are making mistakes, both large and small, that stem from the systemic failure of their cost-accounting systems to deliver actionable economic intelligence that they can use to optimize production, planning, and sales incentive systems (to name three of the most important areas for improvement). If your company makes anything, and particularly if you … [ Read more ]
Content: Article | Author: Robert Kugel | Source: Business Finance Magazine | Subjects: Accounting, Finance
Most organizations are good at collecting internally focused data, but few systematically provide insight about a company’s external environment. For example, only 21 percent regularly track how their competitors are performing. Business is not an us-vs.-us exercise, yet management reports rarely touch on the world outside.
Content: Quotation | Author: Robert Kugel | Source: Business Finance Magazine | Subjects: Competition, Competitive Intelligence, Management, Measurement