Maximize Business Results with Modern Budget Management
Prime 8 goes beyond the typical Rhythm of Business (RoB) management with data solutions tailored to provide the framework that organizations can use to monitor performance, manage reporting, and capture, analyze, and leverage data required to inform effective business planning. Here’s how we transformed the RoB for one Fortune 500 client and optimized business planning to reveal actionable budget planning and decision-making insights.
The Problem: Poor Data Access Leads to Finance Red-Flags
Prime 8 was hired to improve business planning processes to make RoB more effective. During discovery, Prime 8 learned that several teams in the org had missed their budgets and had been red flagged by finance at the end of the quarter. This indicated teams weren't communicating effectively and lacked a coordinated plan of attack on spending budget.
The client had a strategic imperative to define a new approach that would not only provide a clear line of sight into business performance and spending at all levels of the organization but would optimize the planning and management of their budget.
Specifically, the organization wanted to optimize these areas:
Planning and budget management.
Creating and maintaining an effective internal rhythm of business.
The Solution: Analytics-Led Rhythm of the Business
Prime 8 consultants embedded in RoB leadership positions, offering strategic guidance to management across the organization. We immediately began improving business planning, budget management, and optimize the team’s internal rhythm of business.
Here is how Prime 8 improved RoB:
First, we worked with leadership to identify the root causes of communication breakdown that led to lack of collaboration on budget.
We then inventoried relevant data, evaluated the effectiveness of existing RoB, and identified strategic areas of improvement.
Then, we broke down data silos across the org, gathering and analyzing relevant data to enable accurate, collaborative budget management systems that had been lacking.
We executed a new plan for RoB that prioritized real-time line of sight into each team’s financials, which made it possible for leadership to create a fully informed cross-team plan for achieving business objectives that would dramatically reduce reporting variance to forecast.
The Result
This new approach has enabled the org to operate in a proactive stance, using data captured globally, analyzed, and packaged in a modern dashboard solution developed by Prime 8 to provide the budget insights needed to tackle business objectives collaboratively. Budget reporting variance to forecast has shrunk to an unprecedented 0.04%.
Prime 8 led leadership through a new RoB process that ensured clear, consistent budget management and sharing of business performance across the org.
“From the day Prime 8 joined our org, they modernized our business management, especially on the finance side. They built strong relationships with all the leader stakeholders and with finance and set up budget management systems that had been lacking. They managed an org-wide budget to the smallest variance to forecast I have ever seen.”
