A budget is often a strategic anchor rather than a tool that facilitates effective decision making.

Success in today’s world means innovative management models that release people from staffing bureaucracy and suffocating controls, and trusting them with information and empowering them to think, reflect, share, learn, and improve.

Bjarte Bogsnes, Senior Advisor Performance Framework at Statoil and Chairman at Beyond Budgeting Roundtable, shares how Statoil has embraced the Beyond Budgeting principles to develop an “Ambition to Action Model”. This model has allowed Statoil to completely redefine their performance management. The company developed their holistic performance evaluation programme and leveraged dynamic forecasting and resource allocation to eliminate traditional budgets and to empower event-driven decision-making process across the enterprise.