Stephen Hambling talks on Kybos, Diary of a CFO about the benefits of a modern forecasting system.
A key question for any finance leader is: why invest in a forecasting system? Many organisations currently operate complex models in Excel. These models, while functional, often become unwieldy and time-consuming to manage—particularly as requirements grow.
Version control
Version control becomes increasingly difficult; multiple contributors making updates in parallel can lead to conflicting files, lost data, and errors that only surface late in the cycle. Manual workarounds are often implemented to compensate, but these introduce further risk and inefficiency, especially as the volume and complexity of data increases. For many, the tipping point comes when manual processes start to undermine efficiency and control, making it challenging to meet tight deadlines, ensure compliance, and support strategic business decisions.
Workflow management
One of the principal drivers for adopting a forecasting platform is workflow management. Unlike spreadsheets, platforms like Jedox offer embedded workflow functionality, designed for the demands of modern finance teams. These capabilities provide structure and transparency across every stage of budgeting and forecasting. Consider the typical budgeting cycle: you prepare a template, then distribute it to 20 or 30 managers, possibly across multiple regions and time zones. Each recipient is responsible for their own input, working independently and often to different timelines. The moment those files are sent via email, oversight is lost—tracking versions, following up on submissions, and consolidating feedback becomes a manual, error-prone process. Coordinating responses means sending repeated reminders, checking for updates, and manually managing approvals. It often requires repeated reminders, risks accidental overwrites or data loss, and inevitably consumes valuable time that could be better spent on analysis. At scale, inefficiencies are magnified, with key finance resources diverted from analysis to administrative oversight.
With an integrated workflow, everything changes. Templates remain securely on the system, with access permissions controlling who can view and edit specific sections. This ensures each contributor works only on the relevant sections, reducing the risk of accidental changes. Automated notifications prompt contributors to provide input, while deadlines, instructions, and escalation paths are managed by the platform itself. Managers and contributors can add commentary and assumptions directly within the application, creating a clear audit trail and supporting collaborative dialogue. Submissions are instantly routed for review—whether to the CFO, finance leadership, or the appropriate stakeholder—ensuring a clear, auditable process. Multi-level approval workflows allow for granular oversight, supporting internal controls and compliance with audit requirements. At all times, you retain real-time visibility into submission status, can approve or reject entries with feedback, and escalate approvals as required, up to executive or committee level if necessary.
Automate manual processes
This comprehensive control eliminates unnecessary manual work, accelerates cycle times, and enhances data quality. Automated workflows reduce routine administration, freeing up finance professionals to focus on deeper analysis, proactive scenario planning, and delivering actionable insight to the business. The finance team moves beyond simple data collection, focusing instead on value-added activities: scenario analysis, strategic insight, and collaborative planning based on a unified, real-time data set. Ultimately, workflow automation transforms forecasting from a repetitive, manual task into an intelligence-led process—delivering faster, higher-quality outputs and freeing up the finance function to focus on what truly matters: guiding the business forward. This is the fundamental reason organisations transition to modern forecasting platforms: to empower finance teams, drive efficiency, ensure compliance, and support strategic, data-driven decision-making in an increasingly complex business landscape.
About Stephen Hambling,
CEO and Founder of Kybos, a UK based Jedox partner.
I provide simple, clear, commercial forward looking financial support to founders, entrepreneurs and CFO’s of Small and Medium sized companies. Typically I’m the special projects guy, commercial troubleshooting, systems help, M&A or cashflow & turnarounds. I’ve implemented several hundred finance systems. Implementations are not a core skill set for the average finance team, so it’s easy for a project to go off track. Clear simple guidance before, during and after an implementation can make the world of difference.
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