Many will still argue that target setting works. “What gets measured gets done”. Yes, targets do work. That is actually the problem. Managers hitting their target is, however, no guarantee whatsoever that this was their best possible performance, given the circumstances.
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The future of IBP will be to plan across the whole value chain. A final step in IBP scope will be to understand and incorporate constraints to create a global view.
The cost of complexity can be significant – upwards of 5% of sales in global organizations. Forward-thinking FP&A leaders can play a significant role in realizing this value by leveraging technology innovations that support fully integrated P&PM processes.
For organizations with annual expense budgets, it is important to have procedures for monitoring expenditures and budget items throughout the year. This article visually describes how to use statistical forecasting models, uncertainty ranges and space forecasting models for this purpose.
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