Whether you are budgeting, forecasting, or comparing what-if scenarios for your organization, historical actuals and projected figures are required so you can strategize particularly for your retail company, maneuvering through challenges and opportunities in the upcoming months and years. There are plenty of solutions that are impactful for retail organizations to upgrade planning procedures with Dynamics NAV, whether you elect to build your own process, depend on NAV’s built-in budgeting functionality, or go with an independent software vendor (ISV) tool. This article will explore the most popular options for modern budgeting, forecasting, and modeling, particularly to meet your retail planning goals with Microsoft Dynamics NAV.
Budgeting might be one of the more logistically complicated organizational processes, probably due to the tedium of manual Excel budgeting for budget managers. Excel might be the international go-to software for finance departments, but the spreadsheet program typically can’t handle planning for organizations of a healthy size, like professional sports teams. More Microsoft Dynamics GP customers are choosing independent software vendor (ISV) budgeting tools for expanding and updating their planning processes. Some of today’s third party software streamlines budgeting and forecasting by zooming in on secure teamwork. Planning processes typically require collaboration in the important effort to live within our (organizational) means, with help from historical actuals and projections from all areas of the company.
My theory for why budgeting is such a dreaded responsibility has to do with how tedious manual Excel budgeting processes can be for budget managers. Excel might be globally entrenched in the finance culture, but the spreadsheet application performs below par for any healthy organization. More and more Microsoft Dynamics NAV users are turning to independent software vendor (ISV) budgeting tools to expand and modernize their planning tasks. Some of the modern ISV tools streamline and expedite budgeting and forecasting by focusing on secure collaboration. Budgeting and forecasting are regular processes elevated by teamwork because of the necessity to live within the financial means of an organization based on actuals and research from all areas of the company.