What is Beyond Forecasting and Budget Management?
How does it work?
The Beyond Forecasting product has been designed specifically to integrate with both Oracle SaaS ERP and Oracle E-Business suite products. It is simple and easy to use from a business users perspective but at the same time Finance are able to construct complex and innovative forecasting models which deliver more accurate and timely forecasts. The system has a smart set of configurable rules which can be tailored to generate a forecast and then users can review and accept or change the generated forecast, reasons for the change can also be entered.
Thurrock have found it very useful in the past year to use their third budgeting segment (project) to record COVID-19 expenses and funding. Using a third segment as well as cost centre and subjective is something that Oracle PBCS in my experience would have difficulty with, because of interactive cube performance if the number of cells in the cube is too high.Thurrock Council
Why is it needed?
Beyond Forecasting automates the day to day management of forecast changes and helps central finance teams and key budget holders get insight into those changes immediately – with full visibility provided by the aggregated Budget Monitoring dashboard that are built into the system.