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If there is anything to be learned from today's turbulent economy, it is that the business world will not be predictable for a long time?if ever. Indeed, the words "stable" and "predictable" seem as old-fashioned today as penny candy. It is similarly outmoded to believe that companies can continue using traditional budgeting and planning processes and not miss unseen opportunities or fall victim to unnoticed threats. Companies today can no longer roll their eyes and complain about static budgets and the resource-consuming process of generating them. Those firms that survive and even thrive in the global recession will be able to link their spending plans with their strategic plans and quickly make midcourse corrections based on accurate, real-time input.
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