Zero Based Budget has seen a resurgence over the last few years, especially during the pandemic. As organisations feel the effect of the pandemic, they are turning more and more to using Zero-Based Budgeting (ZBB) to ensure survival.
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Starting a business and sustaining one are two very different things that are both essential in their own way. Your accounting team handles the current data of your business while Financial Planning and Analysis enable your foresight and wisdom for what can be done ahead.
Martin Luther King, Jr. said that "the arc of history is long, but it bends toward justice." The origin of this sentence can be traced to Theodore Parker who was a Unitarian minister and prominent American Transcendentalist born in 1810. Parker called for the abolition of slavery in the USA in an 1853 collection of “Ten Sermons of Religion”.
So, what does this have to do with the mission of the Profitability Center of Excellence (PACE)? Plenty.
So why are we as finance professionals so slow to adopt digital transformation when there are so many proven benefits to us and the companies we operate in? I believe this is due to three main fears.
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