5 Dos and Don’ts of Priority or Outcome-based Budgeting

 

by Kara Batt, Strategic Communications Manager, Neubrain

Performance-based budgeting or budgeting for outcomes (BFO) has taken center stage and not in the best light. Earlier this summer, the Department of Veterans Affairs (VA) introduced the world to BFO -- the idea of linking spending to performance -- and showed how unrealistic goals, inadequately managed performance measurement systems and improperly used, inaccurate data can have unforeseen, irreparable consequences.

What the public didn't see, however, is how a properly run budgeting for outcomes system, such as the award winning one currently running in Park City, Utah, can greatly improve how an organization's budget is prepared, managed and executed, saving time, money and increasing overall efficiency.

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INFOGRAPHIC: 9 Reasons to Define Better Budgeting Software Requirements

By Kara Batt, Neubrain Strategic Communications and Marketing Manager

Many state and local governments are nearing the end of the 7-10 year lifespan of the average budgeting and performance management software system, causing more and more key-decision makers to explore new budgeting and performance management technologies.

In fact, according to a 2013-2014 Gartner survey of more than 2,300 CIOs, business intelligence and analytics remain the top technology spending priority for the next three years.

In the past decade, budgeting analytics and financial intelligence and planning technologies have transformed from error-prone manual data entry tools to an array of advanced analytical, integrated, and sophisticated real-time budget management software solutions, improvements that are making software selection much more difficult.

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