Having a good foundation for making decisions is always important. This is especially crucial during times like the pandemic, where the labor and financial market has been extremely unpredictable.
-Planning ahead during times of uncertainty can be extremely challenging, and many companies don’t have the tools that are made for the job, Sandvik believes.
Simply having a spreadsheet in Excel showing rows of numbers a couple of times a year just isn’t comprehensive enough when it comes to assessing the company’s financial forecast and planning for the future. Therefore, not having an accurate overview can create stress, and often lead to a “wait and see” attitude.
-There won’t be any growth and development, states Sandvik.
Profitbase has come up with the Profitbase Planner, a tool that allows you to have full control over budgeting and forecasting, regardless of the industry and size that your business belongs to.
-Profitbase Planner is a Norwegian-developed product that has outcompeted large international competitors time and time again, and has over 10,000 daily users today, says Sandvik.
One unique aspect of the solution is its flexibility, where it can adapt to each individual company’s models and needs. Sandvik further explains why one of his clients decided to abandon the cumbersome Excel spreadsheets. One of the biggest challenges with Excel is that information was gathered by sending the spreadsheets around the organization, and the budget was gradually built in different models where sales, purchasing, and finance were not seen in correlation to each other. As a result, making changes became extremely time consuming, which also hindered the overall forecasting process.
With the Profitbase Planner, the customer gets an integrated system for financial and operational planning, where every aspect of the planning process is connected. Profitbase Planner is directly integrated with the customer’s professional systems so that the information flows seamlessly and automatically, which eliminated the need for manual processes.
-The greatest benefit created for the customers is the linkage between the operational driver-based input (such as sales and HR) and the financial budgets. In other words, the solution automatically generates balance and cash flow, which makes it much easier to keep track of the progress process. This is especially helpful when it involves multiple players in the planning process.
The result was a high degree of precision and drastically reduced the time it took for users to plan, which had led to faster decision-making and more efficient implementations.
-Some companies are better equipped than others when it comes to coping with the major changes that we are experiencing now, Sandvik concludes.
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