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 can hardly meet the challenges of the modern economic and business environment.
The second Digital Swiss FP&A Board discussed whether Beyond Budgeting is the best alternative. At the meeting, the panel of experienced senior finance practitioners talked about whether it is realistic to abandon the budget and transform the whole process:
- Bjarte Bogsnes, Senior Advisor Performance Framework at Equinor, Chairman at BBRT
- Franz Wirnsperger, Managing Director, Hilti Lab for Integrated Performance Management at University of St Gallen (HSG) (former Hilti CFO)
- Svenja Amrhein, Country CFO and Licence to Operate Lead at Roche
- Fabrizio Tocchini, Global Head of Innovation at CCH® Tagetik