The New Reality for Customer Engagement
Date: 5/31/2018 @ 1 p.m. ET
Conclusion 04: the Budget Process
Things certainly look better for 2002, but manyif not mostIT execs remain cautious, and they have little confidence in their budget numbers. Facing greater scrutiny from the CEOs, CFOs and COOs who watch their budgets, CIOs are reviewing their budgets frequently. Those who do so are much more confident about the numbers that result.
Forty-three percent say they lack confidence in their 2002 budget projections, and that's borne out by how few feel their spending will match their budget. Thirty-three percent of larger companies believe their spending will increase over their original projections for 2002, while 41% expect a decrease. Thirty-eight percent of smaller companies see an increase over their current budget, but 30% are anticipating a decrease in the months ahead.
Approximately two thirds follow a conventional annual budget approval cycle. However, they review the budget more frequently, with 37% revisiting the budget every three months or less, and just 25% saying they do so once a year.
Many IT execs are seeking or using ways to more closely manage the budget process. Of these, continuous budgeting, incrementally adjusting spending along the way, is the most popular method, favored by 39% of IT departments. There's also a clear shift toward more performance-based budgeting, with 35% saying they will consider these techniques in the future.
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