The traditional budgeting process is short-term focused, causes unnecessary control and bureaucracy and results in a conflict of interest. For most present-day organisations, Traditional Budgeting is no longer fit for the task.
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Budgets were invented in the Industrial Age as an efficient management tool. So why in this day and age of VUCA, most of the organisations around the world are still so hung up on traditional budgeting?
Is Beyond Budgeting the best alternative? Join the Digital Nordic FP&A Board on the 12th of May to get the answer to this question.
This article provides an overview of the topics and cases presented and discussed by the expert panellists at the webinar “From Traditional to Better and Beyond Budgeting”, as well as the results of our polling questions.
It is commonly agreed that the traditional budgeting process is time-consuming and costly. It rarely focuses on strategy and adds little value. Although traditional budgets have evolved over the years, they hardly meet the challenges of the modern economic and business environment.