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Research shows some companies have exorcised the term ‘budgeting,' while a group of Scandinavian companies have dispensed with budgeting altogether.
In a recent Economist Intelligence Unit survey, financial directors ranked budgetary reform as their top priority. Other research suggests that 80 percent of companies are dissatisfied with their planning and budgeting processes. There is a phenomenal amount of interest in re-engineering these archaic practices, too. Yet, a survey published by CFO Magazine revealed that, even when firms claim they have re-engineered them, most respondents were still dissatisfied.
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