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Corporate executives at this large telecom company wanted more detailed visibility into the drivers of each business unit's financial performance. But a slow, spreadsheet-based budgeting, planning and forecasting process was clouding the line of sight. How could the company improve the transparency and timeliness of financial planning information - and use it to make better business decisions? Before undergoing finance transformation, each business unit submitted its planning information on a spreadsheet to the company's central financial planning and analysis (FP&A) department at the end of each planning cycle. FP&A then consolidated the spreadsheets from all the business units to view the financial status of the company as a whole. Each business unit used unique formats and approaches to develop budgets and forecasts, limiting the comparability of the data. Issues arising from this process included: 1. Lack of corporate visibility into business-unit financials. 2. Limited analytical capabilities. 3. Ineffective push-down of plan to business units. 4. Lack of controls around errors. 5. Inefficient use of resources.
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