Forecasting has never mattered more

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There is a risk that you might misunderstand this post as some sort of shameless plug. Cut through that – it isn’t. This is not the time to stand on ceremony. Business people are anxious, and some are hurting. Our customers tell us, and we know from experience, our business can help, so that is why I am writing this today.

Since COVID-19 forced the world to come to a stand-still, many Finance Managers and CFOs have been grappling with how to complete a bottom-up forecast based on assumptions they have never seen, let alone used, before.

To complete their forecasting, many Finance Managers and CFOs must now collaborate with Finance teams and much of the business working from home. The rapidly changing circumstances of the pandemic mean that even if forecasts can be completed in short timeframes, they are already out of date. Assumptions just two weeks old could be inadequate for predicting profit, cashflow or even solvency with the current of daily gyrations. 

With the COVID-19 pandemic now in its tenth month – the economic landscape is still changing, and businesses are still trying to navigate their forecasting using assumptions that may not be based on current information.

Businesses have a requirement and an expectation that the most recent forecast is driven by assumptions which are still valid.

Businesses need to be able to re-forecast as quickly as their underlying assumptions change, and they need to be able to disseminate that information to those who can turn it into meaningful action at speed.

In the past, you may have been fortunate enough to have a great forecaster in a cubicle in the corner. Someone with a 30-tab Excel spreadsheet who could turn out your forecasts inside of a week as if by magic. But that spreadsheet, built up over many years, and many forecasts, can be rendered worthless if your business model changes, or if your “Forecast Whisperer” falls ill.

CALUMO is both the tooling and the people you need in the current environment. We’ve implemented continuous forecasting solutions for many of our clients. Partnering with finance teams, we build and support reporting, budgeting, forecasting and continuous forecasting models which allow for true visibility, transparency and rapid re-forecasts as expectations, assumptions and reality shift.

The solutions we build are not designed to be used by a single specialist FP&A practitioner - forecasts are built up collaboratively, with both finance people and business people contributing, and they’re both able to see the impacts of the changes being made in real-time. With CALUMO, there is no key-man risk because there is no key-man.

We’ve been delivering these solutions as web applications purpose-built for distributed teams for well over a decade. CALUMO-as-a-Service (Cloud) is in its sixth year, so we have been deploying, configuring and supporting our solutions remotely for a long time now.

The last point - we’re a 100% Australian software developer with all development happening on-shore – there are not too many of those. We’ve been here a long time and will be staying long after this current situation has passed. If we all come together doing what we do best, we can make this a lot better for all of us.

Reach out to if we can help, it doesn’t take much to get moving.

Dominic Parsons Managing Director & Evangelist, CALUMO Group