The fifth meeting of the Geneva FP&A Board was held in a beautiful new location at SPACES.
We had over 30 members discussing how Rolling Forecast could be a huge success or a huge disaster depending on the "key factors". The participants represented a wide range of companies, including:
- Bosch Packaging Technology
- JT International SA
- Oriflame Cosmetics Global
- Tetra Pak
- and many others.
- Rolling Forecast: main definitions, advantages and disadvantages.
- Rolling Forecast: key factors of success.
- Mini-case studies from Imre Orban, Finance Controlling Director at Coty, and Mark Quinn, Finance Director at Honeywell
- Beyond Budgeting and Rolling Forecast.
- Three Stages of Rolling Forecast Maturity - group work.
- Conclusions and recommendations.
Imre Orban, Finance Controlling Director at Coty, and Mark Quinn, Finance Director at Honeywell, shared mini-case studies with the group and inspired interesting discussions. At the end of the discussion and small group work the Board members came to several conclusions:
- Traditional Forecasting Process has many limitations.
- Rolling Forecast (RF) is a better alternative as it gives a better perspective and flexibility.
- However, the adaptation process of RF is slow and success stories are rare.
- There are seven factors of successful implementation: culture, people, models and systems, processes, design, integration and collaboration. All of them should be taken into consideration.