BIOTON
Overview
In 2021, a comprehensive budgeting and forecasting platform was implemented to enhance budget planning, forecasting accuracy, and operational data management. The solution aimed to streamline processes, improve controlling, and facilitate more informed decision-making across the organisation.
Objectives
The primary objectives of the project were:
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Accelerate budget planning processes, improving accuracy and reducing associated risks.
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Enhance controlling processes and enable quick corrections and adjustments to budgets based on current conditions.
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Ensure a uniform level of knowledge across the organisation regarding budgeting and forecasting.
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Facilitate predictions related to marketing and sales planning activities.
The Challenge
The project aimed to address several key challenges:
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Improving budget planning processes and ongoing control of budget execution.
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Supporting sales and marketing planning by integrating historical data and market outlook.
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Developing budgeting solutions for various product lines.
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Incorporating historical data and market insights from independent institutions like IMS into the planning processes.
The Solution
The following solutions were implemented to meet the project’s objectives:
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MATRIX Business Intelligence System:
A proprietary Business Intelligence (BI) system was developed and implemented, providing:-
Integration of Historical Data: Incorporating past data for more accurate budgeting and forecasting.
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Ongoing Budget Control: Tools for continuous monitoring and adjustment of budget execution.
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Cloud Solution:
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The platform was deployed using Microsoft Azure, offering a scalable and secure cloud-based solution for data management and processing.
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Streamlined Information Flow:
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The system facilitated the smooth flow of information and reporting processes across the organisation, ensuring consistency and accessibility.
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Cost Control and Marketing Planning Tools:
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Integrated tools for cost control and marketing planning, enhancing the ability to manage and plan resources effectively.
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Resource Planning Tools:
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Tools were included for planning resources necessary for the implementation of sales and production plans, such as an HR module for employment planning.
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Results and Benefits
The implementation of the budgeting and forecasting platform led to several significant improvements:
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Accelerated Budget Planning: Enhanced the speed and accuracy of budget planning processes, reducing risk and improving overall efficiency.
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Improved Controlling Processes: Enabled effective monitoring and adjustment of budgets, ensuring alignment with current conditions.
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Uniform Knowledge Across Organisation: Provided a consistent level of understanding regarding budgeting and forecasting throughout the organisation.
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Enhanced Predictive Capabilities: Facilitated better predictions related to marketing and sales planning activities, informed by integrated historical and market data.
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Streamlined Reporting and Information Flow: Improved the flow of information and reporting processes, contributing to more effective decision-making.
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Effective Resource Planning: Supported the planning of necessary resources, including HR, to implement sales and production plans effectively.
By implementing the MATRIX Business Intelligence system and operational data warehouse, the organisation achieved a more streamlined and accurate approach to budgeting and forecasting, leading to enhanced overall financial management and operational efficiency.