If there's a sense of dread in the workplace these days, it could be because the budget cycle for 2008 is about to begin. Putting together a budget is difficult enough, but the problem is compounded by the fact it remains a manual process for many.
Still, some insurance carriers are beginning to standardize the tools they use for budgeting across their business units, and several analysts are starting to see progress being made. Among them are Kurtis Babczenko and Jamie Miller, partners at PricewaterhouseCoopers. "While spreadsheets still are being used, we're seeing standardized tools becoming a single, central source for budget information," says Babczenko. The business consultants have released a new report, titled "2007 Budgeting and Forecasting Study."
Leading-edge investments and technology deployments are enhancing the ways in which the IT department conducts its planning, forecasting, and budgeting, according to Stewart Murchie, assistant vice president overseeing financial and capital planning within IT finance for The Hartford.
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