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Financial Planning, Budgeting
       and Forecasting:
 Will the Economy Emerge? Will You?

                                          Cindy Jutras
          Vice President & Research Fellow, Aberdeen Group

                                      Nasreen Quibria
                            Senior Analyst, Aberdeen Group

                                          Jeffrey Frank
                             Business Analyst, GROWMARK



                 Slide 1
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Once theFeedbackcompleted,
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                           Slide 4
Financial Planning, Budgeting
       and Forecasting:
  Will the Economy Merge? Will You?

                                          Cindy Jutras
          Vice President & Research Fellow, Aberdeen Group

                                      Nasreen Quibria
                            Senior Analyst, Aberdeen Group

                                          Jeffrey Frank
                             Business Analyst, GROWMARK



                 Slide 5
Ric Ratkowski


 Vice President of Product Strategy
 Host Analytics, Inc.



 Ric oversees product design and product marketing of the Host Analytics CPM
 Suite. Ric has over 25 years experience in Finance and Accounting and has
 held strategic roles in the design of financial analytic and performance
 management applications within the top software companies in the industry.
 Additionally, Ric held financial executive level positions at multi-national
 corporations with first-hand involvement in the financial planning and
 budgeting process. Ric is a CPA.



                                  Slide 6
Cindy Jutras


 Vice President and Research Fellow
 Aberdeen Group


 Cindy has over 33 years of business experience in enterprise applications. She conducts
 fact-based research on enterprise applications and business performance management.
 Cindy’s past experience covers a variety of manufacturing, consulting and software
 companies where she held a diversity of positions in marketing, sales, software design
 and development, project and general management. She has spoken at executive
 conferences on her original supply chain concept, Virtually Vertical Manufacturing. She
 is the author of the book ERP Optimization as well as numerous magazine articles and
 published white papers.




                                      Slide 7
Nasreen Quibria


 Senior Analyst
 Aberdeen Group



 Nasreen Quibria is a Senior Analyst in the Financial Management and GRC Practice at
 Aberdeen Group. Before joining Aberdeen, she was Director of Payments at the
 Association for Financial Professionals. Nasreen has a track record of leading successful
 initiatives in financial services and technology industries. Nasreen also brings expertise
 in risk management and financial services from her experience at Marsh and CIBC
 World Markets. Nasreen holds a B.A. in economics from Wellesley College and an
 M.B.A. in finance and strategy from Boston College.




                                        Slide 8
Jeffrey Frank


 Business Analyst
 GROWMARK


 Jeff is a Business Analyst for GROWMARK in the Business Analysis and Research
 department. He is charged with leading the corporate budget effort for GROWMARK.
 Jeff has been in his role for a little over a year and has been with GROWMARK for a little
 over two. Prior to joining GROWMARK, Jeff spent three and a half years at a public
 accounting firm that specialized in auditing agribusiness cooperatives, including many of
 the members of the GROWMARK family. Jeff began his work there as an auditor and
 transitioned to handling the internal accounting and IT needs of the firm. Jeff holds a
 Bachelors degree in accountancy from Northern Illinois University and is a Certified
 Public Accountant.


                                       Slide 9
Agenda
 Agenda
  Financial Planning, Budgeting and
  Forecasting:
  Will the Economy Emerge? Will You?
    Cindy Jutras, Vice President & Research Fellow
    Nasreen Quibria, Senior Analyst
    Aberdeen Group

  Experiences at GROWMARK
    Jeffrey Frank, Business Analyst
    GROWMARK

  Q&A


                           Slide 10
Financial Planning, Budgeting,
       and Forecasting
   Will the Economy Emerge?
            Will You?




           Cindy Jutras
Vice President & Research Fellow

        Nasreen Quibria
         Senior Analyst
o   Aberdeen PACE Model
Aberdeen         o   Pressures
Benchmark        o   Actions
Survey           o   Capabilities
Structure        o   Enablers
            o   Strategies and Tactics
            o   KPIs – Usage and
                Specifics
            o   Follow-up Surveys
                interviews


                                         12
Aberdeen’s History in Financial Planning, Budgeting, and
Forecasting Research – Following the Trends in Real GDP
                                  8.0
                                                              Financial Planning Budgeting,
                                                              and Forecasting: Managing in
Percent Change in U.S. Real GDP




                                  6.0
                                                               Uncertain Economic Times,
                                                                      January 2009
                                  4.0

                                  2.0

                                  0.0
                                         2007   2008                     2009                      2010
                                  -2.0

                                  -4.0

                                  -6.0                                                 Financial Planning
                                                                                         Budgeting, and
                                  -8.0           Financial Planning                   Forecasting: Will the
                                                   and Budgeting,                    Economy Emerge? Will
                                                     April 2008                       You?, February 2010

                                                                                                              13
Survey Demographics
                Company Size                                         Geography
   25%                                                    30%
  Large                                                  EMEA
(>$1 billion)

                                         39%
                                     Small (< $50m)

                                                                                   57%
                                                                                 Americas


                                                         13%
                                                      Asia/Pacific
                 36%
      Midsize ($50m to $1 billion)




                                                                                            14
Satisfaction Level with Company’s Current Financial
Planning, Budgeting, and Forecasting Process

                                                               Best-in-Class   Industry Average     Laggard
                                        60%
   Percentage of Respondents, n = 171




                                                                    49%
                                        50%
                                                                44%
                                        40%                                          35%            35%
                                               28%
                                        30%
                                                                                                  22%
                                                                        19%      20%
                                        20%
                                                                               13%          13%
                                        10%        9%
                                                        6%                                                              6%
                                                                                                              3%
                                                                                                                   0%
                                        0%
                                              Very satisfied    Somewhat        Neutral     Not satisfied       Very
                                                                 satisfied                                  dissatisfied
                                                                                                                             15
Top Pressures Year over Year
      Market volatility creates the need to                                             47%
                                                                                39%
  dynamically account for change ('agility')                                   37%

          Need to better align Planning /                                         41%
          Budgeting with corporate goals                                 29%


                                                                            34%               2010
     Corporate mandates for cost control                                   32%                2009
                                                                            34%
                                                                                              2008

    Current / past accuracy of the budget                          22%
                                                                     25%
negatively impacts corporate performance                                             42%

        Current processes are too long &                         21%
                                                                   24%
                        resource intensive                                  34%

                                              0%     10%     20%     30%       40%      50%
                                                   Percentage of Respondents
                                                                                                     16
Best-in-Class Criteria
     Definition of
                                              Mean Class Performance
     Maturity Class
     Best-in-Class:             102% overall budget accuracy*
        Top 20%                 99% forecast accuracy
      of aggregate              20% improvement in profitability year over year
   performance scorers          66% “always” finalize budget prior to the next fiscal year

  Industry Average:             92% overall budget accuracy*
      Middle 50%                89% forecast accuracy
      of aggregate              6% improvement in profitability year over year
  performance scorers           37% “always” finalize budget prior to the next fiscal year

       Laggard:                 66% overall budget accuracy*
    Bottom 30%                  73% forecast accuracy
      of aggregate              8% decline in profitability year over year
  performance scorers           27% “always” finalize budget prior to the next fiscal year

*Ratio of actual to budget
                                                                                              17
Strategic Actions of Best-in-Class
                                        2010        2009

    Develop a formal planning / budgeting /                                      47%
             forecasting workflow process                                 40%

     Automate the process flows associated                                 41%
                   with the budget process                   20%

       Involve more decision-makers in the                               38%
  planning / budgeting / forecasting process                              40%

                                                            19%
                       Improve data quality
                                                                                   52%

 Develop a consolidated view of the process                 19%
  and the results, to be available on demand                       28%


                                               0%    10%   20%     30%   40%    50%    60%

                                                    Percentage of Respondents


                                                                                             18
How Do Companies Approach Financial Budgeting?
Percentage of Respondents, n = 171




                                                          Best-in-Class    Industry Average   Laggard



                                                                          71%
                                     75%
                                                                                      50%
                                                                                44%
                                     50%                                                                30% 28%
                                                   26% 22%
                                     25%     14%                                                  14%

                                     0%
                                           Budget drives strategy    Strategy drives budget    Strategy and budget are
                                                                                                     independent




                                                For top performing companies, strategy drives budget
                                                                                                                         19
What Budgeting Methodology are Companies Using?

                                                             Best-in-Class     Industry Average   Laggard
 Percentage of Respondents, n = 171




                                      75%
                                                    59%63%

                                      50%     38%
                                                                                       28%
                                                                  22%                        20%22%
                                      25%                               14%                                 13%
                                                                              6%                                  7% 8%
                                      0%
                                            Budgets prepared        Zero-based       Performance Based     Driver-based
                                            based on historical  budgeting (start     Budgeting (PBB)      budgets (for
                                              data (Previous    with a clean slate /  (Result oriented   example: net new
                                              Year’s Actuals)   no historical data)     planning and     customers drives
                                                                                         budgeting)      customer service
                                                                                                              budget)


                                             Laggard companies are predominantly focused on historical data
                                                                                                                            20
How has this shifted?
                                  2009    2010

 80%     69%
               56%
 60%

 40%
                          16% 13%           18% 22%
 20%                                                          9% 8%
  0%
          Budgets        Zero-based      Performance      Driver-based
       prepared based budgeting (start      Based         budgets (for
         on historical  with a clean Budgeting (PBB) example: net
       data (Previous     slate / no    (Result oriented new customers
       Year’s Actuals) historical data)  planning and drives customer
                                          budgeting)     service budget)

          More companies are adopting performance based budgeting
                                                                           21
Process Capabilities
                                                                Best-in-Class   Industry Average    Laggard
                                        80%
   Percentage of Respondents, n = 171




                                                                                                    71%             71%
                                                66%                                                    65%
                                                                59%              61%                                    60%
                                                                                                         59%
                                        60%
                                                    52%
                                                                                                                            49%
                                                                                     40%
                                        40%                         38%
                                                        32%
                                                                        27%
                                                                                         20%
                                        20%



                                        0%
                                                 Ability to   Ability to perform    Ability to     Finalized goals   Corporate
                                               reforecast as “what if” scenarios incorporate       and budgets are process for
                                              market conditions and change       business drivers       clearly    budget revisions,
                                                  change           analysis     into the on-going communicated to roll-ups, and
                                                                                   forecasting      those who are approvals have
                                                                                     process      held accountable been established
                                                                                                                   and implemented
                                                                                                                                       22
Ability to Conduct “What if” Scenario Analysis
with Forecasting / Re-forecasting…
  100%
                                                        Yes , but selectively because it’s
                                                        entirely manual
                                                        Yes, some portion of the
   75%                                                  process is automated
               30%
                                                        Yes , it’s automated

   50%                          41%

               33%                             45%

   25%
                                22%
               20%
                                 9%            14%
    0%
           Best-in-Class   Industry Average   Laggard


More Best-in-Class companies have fully automated or semi-automated “what if” scenario
                     analysis capability with forecasts / re-forecasts                       23
Current “Systems” – Enabling Technologies
      Planning/budgeting/forecasting                                 45%
            (stand-alone) application                        33%



  Budgeting and forecasting features                                         Best-in-Class
                                                        27%
        of an ERP or other financial                                         All Others
                                                       23%
                         application



 Financial reporting and consolidation                                              71%
             (stand-alone) application                             40%



 Financial reporting and consolidation                        37%
          features of an ERP or other
                                                             33%
                          application

                                         0%      20%          40%          60%            80%
                                              Percentage of Respondents, n = 171
                                                                                                24
Business Intelligence and Analytic Tools
         Query and reporting tools                                           65%
                                                                       57%

                                                                47%
      Dashboard / scorecard tools                       30%


             Enterprise BI platform                            45%
                                                     26%

Corporate / Enterprise performance                       32%
          management application                  21%
                                                                     Best -in-Class
              Event management                          30%          All Others
              (triggers and alerts)            17%

             Data integration tools                     29%
             (including ETL)                   17%

              Data cleansing tools                23%
                                            12%

                                      0% 10% 20% 30% 40% 50% 60% 70%
                                           Percentage of Respondents, n = 171
                                                                                      25
What about spreadsheets?
88% still rely heavily on them                              0%     20%     40%       60%       80%

                                                                                     52%
                   Data is exported from applications to                                   64%
                  spreadsheets and is manually shared                                        71%

Why?                Data is exported from applications to                              58%
                     spreadsheets and can be securely                          40%
 Comfort level          accessed from a shared server                   27%


 Can’t make a    Data from multiple spreadsheets must
                                                                               39%
                                                                                 46%
  business case              be manually consolidated                              50%

 Expense           Spreadsheets are our only method of             19%
                  communication and interaction through               24%
                                            the process                          46%

                  Spreadsheets are our primary method                    26%
                   today, but we are planning to replace                 25%
                          this within the next 12 months                        44%

                  Spreadsheets are our primary method                                Best-in-Class
                                                                  10%
                     today despite the fact that we have           12%               Industry Average
                   implemented applications intended to          8%                  Laggard
                                           replace them
                                                                                                        26
Financial Planning, Budgeting and Forecasting 2010
              Survey Results Revealed

                  Jeffrey Frank
          Business Analyst, GROWMARK



                    Slide 27
Agenda
• Overview of GROWMARK
• The budget process
  – Process overview
  – Old way of budgeting
  – Budgeting with Host Analytics
• The benefits
• Future use
• Questions

                      Slide 28
Overview of GROWMARK
GROWMARK, Inc. is a regional agricultural
cooperative providing products and services
through FS supply and grain member
cooperatives and retail outlets to more than
250,000 farmers in the U.S. and Ontario,
Canada.




                  Slide 29
Overview of GROWMARK
• Wholesale and retail product sales
  –   Seed
  –   Fertilizers and ag-chemicals
  –   Energy products
  –   Facility equipment (trucks, tanks, etc.)
  –   Grain systems
• Grain marketing for farmers
• Sales to non-farmers
  – Energy accounts
  – Turf business


                           Slide 30
Overview of GROWMARK
• History
  – Organized in 1927
  – Entered Canada in mid 90s
  – First big jump into retail in 2002
• 2009 sales of $6.1 billion
• 1,400 full-time employees
• Geography
  – 35 states (mostly mid-west and northeast)
  – Southern Ontario

                        Slide 31
The Budget Process
•   My role
•   Other staff
•   Budget overview
•   Scale and complications
•   The old way
•   Budgeting with Host Analytics



                      Slide 32
My Role
• Coordinate entire budget process
• Performs consolidation of all budgets,
  including budgeting consolidation entries
• Prepares final published report for
  Budget/Audit Committee and GROWMARK
  Board
• About to begin third budget cycle, second as
  budget lead (always worked in Host Analytics
  environment)

                    Slide 33
Other Staff
• Approximately 100 active participants in
  budget process
• One other primary staff member in my
  department
  – Capital budget
  – Overhead departments
• Three others in my department available to
  help pull things together and review
  components

                    Slide 34
Budget Overview
• Performed annually
  – Forecast for current year (annually)
  – Budget for next year (monthly)
  – Plan for next two years (annually)
• Bottom-up approach
  – Zero-based budgeting
  – Lots of detail
  – Market outlook used for corporate consistency


                       Slide 35
Scale
• 16 core business units
• 30+ general ledgers inside consolidation
• Multiple levels of consolidation
• Canadian operations (7 different currency
  tables)
• Over 6200 unique accounts/sub accounts in
  home office ledger
• 200+ budgeted units

                   Slide 36
Major Complications
• Commodity driven business
• Weather has huge impact
• Farmers planting decisions effect more than
  our seed sales




                    Slide 37
Other Complications
• Decentralized operations
• Staff reporting structure (lack of control)
  – Retail units have separate operating boards
  – Some unit staff aren’t employed by GROWMARK
• Inconsistent software use
• Heavily customized software



                      Slide 38
Budgeting the Old Way
• Several years ago
  – Entirely in Excel
  – Lots of linked worksheets
• More recently
  – Distributed Excel worksheets
  – Loaded into Access for consolidation (common
    COA)
  – Pivot tables for reporting
  – Manual prep of published document - Word

                      Slide 39
Problems with the Old Way
• Very iterative
• Lots of manual operations
• No real-time output available
• Budget changes were time consuming
• Couldn’t keep up with growing business
  model
• Expensive to maintain (time required)
• Access not supported by IT department

                   Slide 40
How We Use Host Analytics
• Hierarchy designed around Lawson G/L structure
   – Carried forward from prior Access database
• Load all ledger data for comparison
   – Perform monthly reconciliation
• 7 attribute columns
   –   2 years of actual
   –   Prior budget period
   –   Current year forecast
   –   Budget Year (calculated from spreads)
   –   2 years for financial plan
• Templates usually mirror internal statement layouts
• Global drivers for retirement premiums, depreciation, etc.


                              Slide 41
Slide 42
Benefits of Host Analytics
• More easily accommodates late changes
• Reduced time spent on manual processes
• Accuracy
  – No more plugging the balance sheet
• Excellent slicing of data with reporting
• Budgets easily compared to actual
• SaaS model requires very little help from IT


                     Slide 43
Future Improvements
• Develop templates for retail units that better
  align to their own statements
• Reduce use of Excel worksheets used to create
  template inputs – move into Host Analytics
• Design templates based more on relationships
  rather than financial statement location
  – Debt/interest expense
  – Fixed assets/depreciation
• Move towards true driver-based budgeting
  – Market outlook
  – Interest rates

                       Slide 44
Potential Future Uses for Host
                 Analytics
• Initiatives templates for capital budgeting –
  prioritization of capital
• Building our patronage calculation
   – Hundreds, maybe thousands, of allocations
   – Over 70 pages of Excel worksheets
• Forecasts and year-end estimates
   – Make forecasts for management a few times a year
   – Report results at annual meeting before year is closed
• Part-year budget for spring/fall seasons


                         Slide 45
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                               Slide 46
Your Feedback is Important to Us

Once the webcast is completed,
there will be brief survey questions.
Please let us know what you think!
As a thank you for completing the survey, your
name will be entered in for a drawing to win a
copy of the book “Five Key Principles of
Corporate Performance Management” by Bob
Paladino.

                                                 47
                          Slide 47
We’ll Help You Get There




         Slide 48

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Financial Planning, Budgeting, and Forecasting (2010)

  • 1. Financial Planning, Budgeting and Forecasting: Will the Economy Emerge? Will You? Cindy Jutras Vice President & Research Fellow, Aberdeen Group Nasreen Quibria Senior Analyst, Aberdeen Group Jeffrey Frank Business Analyst, GROWMARK Slide 1
  • 2. For Technical Assistance GoToWebinar Customer Care (800) 263-6317 ( US & Canada, toll-free) (805) 690-5753 ( direct dial ) Website www.gotowebinar.com Email gotowebinar@citrixonline.com 2 Slide 2
  • 3. Ask a Question! Attendee Control Panel and Grab Tab The Control Panel contains panes that can be expanded or collapsed by clicking the +/- on the left side of each pane. Questions Pane – The hand icon on the Grab Tab will open up the Questions Panel. Attendees can submit questions at any time during the presentation by typing in their question and clicking send. Please address your questions to all panelists. 3 Slide 3
  • 4. Once theFeedbackcompleted, Your webcast is is Important to Us there will be brief survey questions. Please let us know what you think! As a thank you for completing the survey, your name will be entered in for a drawing to win a copy of the book “Five Key Principles of Corporate Performance Management” by Bob Paladino. Slide 4
  • 5. Financial Planning, Budgeting and Forecasting: Will the Economy Merge? Will You? Cindy Jutras Vice President & Research Fellow, Aberdeen Group Nasreen Quibria Senior Analyst, Aberdeen Group Jeffrey Frank Business Analyst, GROWMARK Slide 5
  • 6. Ric Ratkowski Vice President of Product Strategy Host Analytics, Inc. Ric oversees product design and product marketing of the Host Analytics CPM Suite. Ric has over 25 years experience in Finance and Accounting and has held strategic roles in the design of financial analytic and performance management applications within the top software companies in the industry. Additionally, Ric held financial executive level positions at multi-national corporations with first-hand involvement in the financial planning and budgeting process. Ric is a CPA. Slide 6
  • 7. Cindy Jutras Vice President and Research Fellow Aberdeen Group Cindy has over 33 years of business experience in enterprise applications. She conducts fact-based research on enterprise applications and business performance management. Cindy’s past experience covers a variety of manufacturing, consulting and software companies where she held a diversity of positions in marketing, sales, software design and development, project and general management. She has spoken at executive conferences on her original supply chain concept, Virtually Vertical Manufacturing. She is the author of the book ERP Optimization as well as numerous magazine articles and published white papers. Slide 7
  • 8. Nasreen Quibria Senior Analyst Aberdeen Group Nasreen Quibria is a Senior Analyst in the Financial Management and GRC Practice at Aberdeen Group. Before joining Aberdeen, she was Director of Payments at the Association for Financial Professionals. Nasreen has a track record of leading successful initiatives in financial services and technology industries. Nasreen also brings expertise in risk management and financial services from her experience at Marsh and CIBC World Markets. Nasreen holds a B.A. in economics from Wellesley College and an M.B.A. in finance and strategy from Boston College. Slide 8
  • 9. Jeffrey Frank Business Analyst GROWMARK Jeff is a Business Analyst for GROWMARK in the Business Analysis and Research department. He is charged with leading the corporate budget effort for GROWMARK. Jeff has been in his role for a little over a year and has been with GROWMARK for a little over two. Prior to joining GROWMARK, Jeff spent three and a half years at a public accounting firm that specialized in auditing agribusiness cooperatives, including many of the members of the GROWMARK family. Jeff began his work there as an auditor and transitioned to handling the internal accounting and IT needs of the firm. Jeff holds a Bachelors degree in accountancy from Northern Illinois University and is a Certified Public Accountant. Slide 9
  • 10. Agenda Agenda Financial Planning, Budgeting and Forecasting: Will the Economy Emerge? Will You? Cindy Jutras, Vice President & Research Fellow Nasreen Quibria, Senior Analyst Aberdeen Group Experiences at GROWMARK Jeffrey Frank, Business Analyst GROWMARK Q&A Slide 10
  • 11. Financial Planning, Budgeting, and Forecasting Will the Economy Emerge? Will You? Cindy Jutras Vice President & Research Fellow Nasreen Quibria Senior Analyst
  • 12. o Aberdeen PACE Model Aberdeen o Pressures Benchmark o Actions Survey o Capabilities Structure o Enablers o Strategies and Tactics o KPIs – Usage and Specifics o Follow-up Surveys interviews 12
  • 13. Aberdeen’s History in Financial Planning, Budgeting, and Forecasting Research – Following the Trends in Real GDP 8.0 Financial Planning Budgeting, and Forecasting: Managing in Percent Change in U.S. Real GDP 6.0 Uncertain Economic Times, January 2009 4.0 2.0 0.0 2007 2008 2009 2010 -2.0 -4.0 -6.0 Financial Planning Budgeting, and -8.0 Financial Planning Forecasting: Will the and Budgeting, Economy Emerge? Will April 2008 You?, February 2010 13
  • 14. Survey Demographics Company Size Geography 25% 30% Large EMEA (>$1 billion) 39% Small (< $50m) 57% Americas 13% Asia/Pacific 36% Midsize ($50m to $1 billion) 14
  • 15. Satisfaction Level with Company’s Current Financial Planning, Budgeting, and Forecasting Process Best-in-Class Industry Average Laggard 60% Percentage of Respondents, n = 171 49% 50% 44% 40% 35% 35% 28% 30% 22% 19% 20% 20% 13% 13% 10% 9% 6% 6% 3% 0% 0% Very satisfied Somewhat Neutral Not satisfied Very satisfied dissatisfied 15
  • 16. Top Pressures Year over Year Market volatility creates the need to 47% 39% dynamically account for change ('agility') 37% Need to better align Planning / 41% Budgeting with corporate goals 29% 34% 2010 Corporate mandates for cost control 32% 2009 34% 2008 Current / past accuracy of the budget 22% 25% negatively impacts corporate performance 42% Current processes are too long & 21% 24% resource intensive 34% 0% 10% 20% 30% 40% 50% Percentage of Respondents 16
  • 17. Best-in-Class Criteria Definition of Mean Class Performance Maturity Class Best-in-Class:  102% overall budget accuracy* Top 20%  99% forecast accuracy of aggregate  20% improvement in profitability year over year performance scorers  66% “always” finalize budget prior to the next fiscal year Industry Average:  92% overall budget accuracy* Middle 50%  89% forecast accuracy of aggregate  6% improvement in profitability year over year performance scorers  37% “always” finalize budget prior to the next fiscal year Laggard:  66% overall budget accuracy* Bottom 30%  73% forecast accuracy of aggregate  8% decline in profitability year over year performance scorers  27% “always” finalize budget prior to the next fiscal year *Ratio of actual to budget 17
  • 18. Strategic Actions of Best-in-Class 2010 2009 Develop a formal planning / budgeting / 47% forecasting workflow process 40% Automate the process flows associated 41% with the budget process 20% Involve more decision-makers in the 38% planning / budgeting / forecasting process 40% 19% Improve data quality 52% Develop a consolidated view of the process 19% and the results, to be available on demand 28% 0% 10% 20% 30% 40% 50% 60% Percentage of Respondents 18
  • 19. How Do Companies Approach Financial Budgeting? Percentage of Respondents, n = 171 Best-in-Class Industry Average Laggard 71% 75% 50% 44% 50% 30% 28% 26% 22% 25% 14% 14% 0% Budget drives strategy Strategy drives budget Strategy and budget are independent For top performing companies, strategy drives budget 19
  • 20. What Budgeting Methodology are Companies Using? Best-in-Class Industry Average Laggard Percentage of Respondents, n = 171 75% 59%63% 50% 38% 28% 22% 20%22% 25% 14% 13% 6% 7% 8% 0% Budgets prepared Zero-based Performance Based Driver-based based on historical budgeting (start Budgeting (PBB) budgets (for data (Previous with a clean slate / (Result oriented example: net new Year’s Actuals) no historical data) planning and customers drives budgeting) customer service budget) Laggard companies are predominantly focused on historical data 20
  • 21. How has this shifted? 2009 2010 80% 69% 56% 60% 40% 16% 13% 18% 22% 20% 9% 8% 0% Budgets Zero-based Performance Driver-based prepared based budgeting (start Based budgets (for on historical with a clean Budgeting (PBB) example: net data (Previous slate / no (Result oriented new customers Year’s Actuals) historical data) planning and drives customer budgeting) service budget) More companies are adopting performance based budgeting 21
  • 22. Process Capabilities Best-in-Class Industry Average Laggard 80% Percentage of Respondents, n = 171 71% 71% 66% 65% 59% 61% 60% 59% 60% 52% 49% 40% 40% 38% 32% 27% 20% 20% 0% Ability to Ability to perform Ability to Finalized goals Corporate reforecast as “what if” scenarios incorporate and budgets are process for market conditions and change business drivers clearly budget revisions, change analysis into the on-going communicated to roll-ups, and forecasting those who are approvals have process held accountable been established and implemented 22
  • 23. Ability to Conduct “What if” Scenario Analysis with Forecasting / Re-forecasting… 100% Yes , but selectively because it’s entirely manual Yes, some portion of the 75% process is automated 30% Yes , it’s automated 50% 41% 33% 45% 25% 22% 20% 9% 14% 0% Best-in-Class Industry Average Laggard More Best-in-Class companies have fully automated or semi-automated “what if” scenario analysis capability with forecasts / re-forecasts 23
  • 24. Current “Systems” – Enabling Technologies Planning/budgeting/forecasting 45% (stand-alone) application 33% Budgeting and forecasting features Best-in-Class 27% of an ERP or other financial All Others 23% application Financial reporting and consolidation 71% (stand-alone) application 40% Financial reporting and consolidation 37% features of an ERP or other 33% application 0% 20% 40% 60% 80% Percentage of Respondents, n = 171 24
  • 25. Business Intelligence and Analytic Tools Query and reporting tools 65% 57% 47% Dashboard / scorecard tools 30% Enterprise BI platform 45% 26% Corporate / Enterprise performance 32% management application 21% Best -in-Class Event management 30% All Others (triggers and alerts) 17% Data integration tools 29% (including ETL) 17% Data cleansing tools 23% 12% 0% 10% 20% 30% 40% 50% 60% 70% Percentage of Respondents, n = 171 25
  • 26. What about spreadsheets? 88% still rely heavily on them 0% 20% 40% 60% 80% 52% Data is exported from applications to 64% spreadsheets and is manually shared 71% Why? Data is exported from applications to 58% spreadsheets and can be securely 40%  Comfort level accessed from a shared server 27%  Can’t make a Data from multiple spreadsheets must 39% 46% business case be manually consolidated 50%  Expense Spreadsheets are our only method of 19% communication and interaction through 24% the process 46% Spreadsheets are our primary method 26% today, but we are planning to replace 25% this within the next 12 months 44% Spreadsheets are our primary method Best-in-Class 10% today despite the fact that we have 12% Industry Average implemented applications intended to 8% Laggard replace them 26
  • 27. Financial Planning, Budgeting and Forecasting 2010 Survey Results Revealed Jeffrey Frank Business Analyst, GROWMARK Slide 27
  • 28. Agenda • Overview of GROWMARK • The budget process – Process overview – Old way of budgeting – Budgeting with Host Analytics • The benefits • Future use • Questions Slide 28
  • 29. Overview of GROWMARK GROWMARK, Inc. is a regional agricultural cooperative providing products and services through FS supply and grain member cooperatives and retail outlets to more than 250,000 farmers in the U.S. and Ontario, Canada. Slide 29
  • 30. Overview of GROWMARK • Wholesale and retail product sales – Seed – Fertilizers and ag-chemicals – Energy products – Facility equipment (trucks, tanks, etc.) – Grain systems • Grain marketing for farmers • Sales to non-farmers – Energy accounts – Turf business Slide 30
  • 31. Overview of GROWMARK • History – Organized in 1927 – Entered Canada in mid 90s – First big jump into retail in 2002 • 2009 sales of $6.1 billion • 1,400 full-time employees • Geography – 35 states (mostly mid-west and northeast) – Southern Ontario Slide 31
  • 32. The Budget Process • My role • Other staff • Budget overview • Scale and complications • The old way • Budgeting with Host Analytics Slide 32
  • 33. My Role • Coordinate entire budget process • Performs consolidation of all budgets, including budgeting consolidation entries • Prepares final published report for Budget/Audit Committee and GROWMARK Board • About to begin third budget cycle, second as budget lead (always worked in Host Analytics environment) Slide 33
  • 34. Other Staff • Approximately 100 active participants in budget process • One other primary staff member in my department – Capital budget – Overhead departments • Three others in my department available to help pull things together and review components Slide 34
  • 35. Budget Overview • Performed annually – Forecast for current year (annually) – Budget for next year (monthly) – Plan for next two years (annually) • Bottom-up approach – Zero-based budgeting – Lots of detail – Market outlook used for corporate consistency Slide 35
  • 36. Scale • 16 core business units • 30+ general ledgers inside consolidation • Multiple levels of consolidation • Canadian operations (7 different currency tables) • Over 6200 unique accounts/sub accounts in home office ledger • 200+ budgeted units Slide 36
  • 37. Major Complications • Commodity driven business • Weather has huge impact • Farmers planting decisions effect more than our seed sales Slide 37
  • 38. Other Complications • Decentralized operations • Staff reporting structure (lack of control) – Retail units have separate operating boards – Some unit staff aren’t employed by GROWMARK • Inconsistent software use • Heavily customized software Slide 38
  • 39. Budgeting the Old Way • Several years ago – Entirely in Excel – Lots of linked worksheets • More recently – Distributed Excel worksheets – Loaded into Access for consolidation (common COA) – Pivot tables for reporting – Manual prep of published document - Word Slide 39
  • 40. Problems with the Old Way • Very iterative • Lots of manual operations • No real-time output available • Budget changes were time consuming • Couldn’t keep up with growing business model • Expensive to maintain (time required) • Access not supported by IT department Slide 40
  • 41. How We Use Host Analytics • Hierarchy designed around Lawson G/L structure – Carried forward from prior Access database • Load all ledger data for comparison – Perform monthly reconciliation • 7 attribute columns – 2 years of actual – Prior budget period – Current year forecast – Budget Year (calculated from spreads) – 2 years for financial plan • Templates usually mirror internal statement layouts • Global drivers for retirement premiums, depreciation, etc. Slide 41
  • 43. Benefits of Host Analytics • More easily accommodates late changes • Reduced time spent on manual processes • Accuracy – No more plugging the balance sheet • Excellent slicing of data with reporting • Budgets easily compared to actual • SaaS model requires very little help from IT Slide 43
  • 44. Future Improvements • Develop templates for retail units that better align to their own statements • Reduce use of Excel worksheets used to create template inputs – move into Host Analytics • Design templates based more on relationships rather than financial statement location – Debt/interest expense – Fixed assets/depreciation • Move towards true driver-based budgeting – Market outlook – Interest rates Slide 44
  • 45. Potential Future Uses for Host Analytics • Initiatives templates for capital budgeting – prioritization of capital • Building our patronage calculation – Hundreds, maybe thousands, of allocations – Over 70 pages of Excel worksheets • Forecasts and year-end estimates – Make forecasts for management a few times a year – Report results at annual meeting before year is closed • Part-year budget for spring/fall seasons Slide 45
  • 46. GoToWebinar Logistics Grab Tab: Click the button with the double right arrow to hide the GoToWebinar dialog box Feel free to ask questions along the way. We will answer the questions at the end. Slide 46
  • 47. Your Feedback is Important to Us Once the webcast is completed, there will be brief survey questions. Please let us know what you think! As a thank you for completing the survey, your name will be entered in for a drawing to win a copy of the book “Five Key Principles of Corporate Performance Management” by Bob Paladino. 47 Slide 47
  • 48. We’ll Help You Get There Slide 48