What are the best software options for budgeting and forecasting in corporate finance?

1 Excel add-ins

Excel is still the most widely used tool for budgeting and forecasting in corporate finance, due to its familiarity, flexibility, and functionality. However, there are some limitations to Excel, such as data integrity, scalability, and collaboration. To address these challenges, many software vendors offer Excel add-ins that integrate with Excel and provide additional features and capabilities. For example, Adaptive Insights is a cloud-based software that allows users to create and update budgets, forecasts, and scenarios in Excel while syncing with a central database and dashboard. Solver is a cloud or on-premise software that enables users to build and run budgeting and forecasting models in Excel while connecting to various data sources and reporting tools. Vena is a cloud-based software that uses Excel as the front-end interface while automating data collection, consolidation, and validation, as well as providing workflow and collaboration features.

2 Cloud-based platforms

Cloud-based platforms are software solutions that are hosted and accessed online, rather than installed and maintained on local servers or computers. This type of platform offers several advantages for budgeting and forecasting in corporate finance, such as accessibility, scalability, security, and cost-effectiveness. For instance, users can access the software from anywhere and any device with an internet connection, easily adjust the software capacity according to their needs and growth, rely on the software provider for data protection and compliance, and pay for the software as a service instead of investing in hardware and software licenses. Examples of cloud-based platforms include Planful, Workday Adaptive Planning, and Oracle Planning and Budgeting Cloud Service. These platforms help users create and manage budgets, forecasts, and plans while integrating with various data sources and systems, providing analytics and reporting features, collaborating with stakeholders, connecting to Oracle or other data sources, and offering dashboards and insights.

3 AI-powered tools

AI-powered tools are software solutions that utilize artificial intelligence (AI) techniques such as machine learning, natural language processing, and data mining to improve budgeting and forecasting in corporate finance. Benefits of these tools include enhanced accuracy, as they can analyze large and complex data sets and generate more reliable forecasts based on historical trends, patterns, and correlations. Additionally, AI-powered tools can automate and streamline budgeting and forecasting tasks, such as data collection and consolidation, while reducing manual errors and interventions. Furthermore, these tools provide users with new insights such as scenario analysis, risk assessment, and optimization recommendations. Examples of AI-powered tools include IBM Planning Analytics, Prophix, and CCH Tagetik. Each of these softwares offer a variety of features such as cognitive analytics capabilities, machine learning features, predictive analytics capabilities, workflow features, interactive dashboards and reports.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?