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Top-performing organizations have budgets and forecasts that align tightly with company strategy. These plans translate business objectives into financial roadmaps for the future but do not address the “what-ifs” of an ever-changing business world. Scenario planning is a forward-looking process that educates leaders on possible future states of the business by examining potential events to generate strategic insights that enable the right decisions to be made at the right time, reduce risk and maximize opportunities.
Given the dynamic nature of the economy, market, and internal influences, that “most likely” scenario you planned for may no longer align with current expectations. Planning for one, two, three or more probable scenarios that should be considered by executives and finance leaders is both complicated and time-consuming.
With Prophix, you can minimize the time, effort, and complexity often associated with scenario planning helping you to better reorganize, reduce risk, and quickly plan for all potential outcomes.
By planning for different financial scenarios in Prophix, it will empower you with a plan to prepare for these potential outcomes, ensuring alignment to strategic goals and provide the ability to quickly adjust to market shifts where needed for a brighter tomorrow.
Discover the benefits of scenario planning with Prophix.
Proper scenario planning is complex, and time is not on your side. Prophix makes it easy to plan for the best, and the worst of times. Model any number of potential scenarios by considering the financial performance of the organization and any influencing market dynamics to build and evaluate plans to prepare for whatever the future might hold quickly and more accurately. Automation and workflow management in Prophix encourages collaboration, a joint perspective and expedites the planning process. This type of centralized financial insight is simply not possible leveraging current manual processes and spreadsheets, only Prophix makes it possible.
By identifying the impact of changes in the business environment through the lens of multiple scenarios, you gain an early warning system that goes a long way in reducing risk. The scenario planning process helps unfold areas of your planning that might be susceptible and helps focus resources on these. Use it to stress test your plans and better prepare your business for the future.
Scenario modeling in Prophix can help influence your organization’s strategic planning, as a means of exploring new ideas, generating insights or providing foresight into potential investments you should or should not attempt helping to mitigate risk or spot new opportunities as you build towards your business objectives.
Prophix expedites scenario planning by enabling finance leaders to quickly model their plans based on the latest available information. No need to worry about broken formulas when it comes to driver-based planning as all of these are defined centrally in Prophix allowing you to change variables and explore endless possibilities with ease. With all of your planning completed faster and more accurately than ever before, we like to ask: “What will you do with all of your new-found time?”
Through seamless integration, Prophix provides real-time access to company-wide data giving you a holistic picture of your business today and better inputs, drivers, and outputs for the scenario’s that you plan to model. By combining data from typically siloed systems such ERP, CRM, HRIS and more, then combining it with the latest economic or market drivers, Prophix will expedite your scenario modelling to quickly and accurately paint a picture of your financial future – whatever that looks like.
Prophix makes it easily track your organizations progress towards achieving its business goals with visualizations of your KPI’s with interactive charts and intuitive and tailored dashboards.
I think the biggest thing for us has been to focus on high-level changes. So while we can’t redo our entire budget in one week’s time, we can certainly look at many different scenarios. We’ve been able to look at things like, ‘what if our revenue declines by X percentage?’ and determine how these scenarios will impact our staff and how to best move forward as an organization.
Amie Roach CFO Lochmueller Group
Find Out How Ad-Hoc Reporting Can Improve Performance
Metrics are a key aspect of your decision-making process. With ad-hoc reporting and data automation, you’re able to do more than ever before. When you partner with Prophix, you’re sure to see improvements in company performance.
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