Business Process Management

Part of the process of developing the financial model is a detailed scoping session prior to model development. Whilst this stage is crucial for delivering a tool that meets all stakeholder requirements it has an important side effect: it makes companies say out loud how they do things, to an independent third party. The back and forth, questioning nature of a scoping process, performed by outsiders can be invaluable to a business as an audit/common-sense check for business process managers.

At Prophecy we always feel that a derivative of our financial models is improved efficiency. This comes not just from better financial modelling tools but often from reconsidering business as usual (BAU) processes: Is that method of gathering data more efficient? How is the data entered? Where do you get it from and what has to be done before it is in the right dimensions for your team? Do you need to do it at all? Is it material? Why? The vehicle for these discussions is the development of the financial model but often the business process improvements made as a result of the project will endure beyond the financial model itself.

Contact Prophecy to learn about how you can improve business process management whilst building time and cost saving, value-adding financial modelling tools.

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