Advice and Information for Finance Professionals

Learn How to Fuel Growth with Successful Zero-Based Budgeting

Guest Author

By Jennifer Toomey, Senior Director, Cloud Business Group, Oracle

Today, 60% of G1000 have announced major cost takeout programs and are embarking on aggressive cost savings journeys. So it’s little wonder that finance is once again enamored with zero-based budgeting (ZBB).

ZBB is a simple concept that has suffered a bad reputation. Fundamentally, it proposes that instead of relying on historic spending data to forecast budgets, start at zero and build budgets based solely on costs with a justified need.

While more accurate, zero-based budgets have traditionally been more painstaking to develop. In some large organizations, the sheer volume of information involved in creating a new budget was simply too overwhelming to justify this approach.

But the technology landscape has evolved significantly since the early days of ZBB. Rather than central teams coordinating thousands of spreadsheets, today’s technologies can manage enormous quantities of data. In fact, one of the trends driving the ZBB comeback is enterprise performance management (EPM) in the cloud.

Cloud EPM makes the entire ZBB process faster and more transparent. Profitability and cost management capabilities enable the right visibility into profitability and cost drivers, so that users can gain insight into the underlying fundamentals, rather than focus on superficial cost reductions. To support a culture of accountability, cloud-based narrative reporting tools help bring context to the numbers and gain buy-in.

EPM in the cloud not only provides visibility into the data, it makes it possible to run “what if” scenarios to predict the impact of potential budget changes. And when EPM is augmented with machine learning, artificial intelligence, and other emerging technologies, such a model builds exponential value over time. With every ZBB project, more information about costs and spending is fed into the EPM cloud. The system learns more and gets smarter as it digests and analyzes more data. Predictions, recommendations and actions become more accurate and produce better outcomes.

Where to Learn More About ZBB

In a webinar with Financial Executives International (FEI), learn about Accenture’s thought leadership and approach for zero-based budgeting and how Oracle’s EPM solution for ZBB supports dynamic change in today’s rapidly moving working world.

This webcast will discuss:

  • How to identify cost savings and reinvest for growth and profitability
  • How to build a zero-based mindset within your organization
  • How Accenture’s Closed Loop Approach with Oracle EPM Cloud leads to ZBB client success

Attendance at this webcast will earn you 1 CPE credit, so don't miss it.

Register to attend the FEI webcast.

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