Managerial Budget Improvements Using Data Analytics

Covid-19 has created a series of unknowns that have afforded organisations, large and small, with an opportunity to appraise their spending and general budgeting practices. In so doing, the average consumer is now impacted in such a manner that improvements in terms of addressing budget shortcomings are now paramount to any form of success. Henceforth, the budget management learning curve does require organisations generally to manage finances and staffing demands equally. Owing to this the speed of engagement is heightened and a measured approach for arriving at solid results are necessitated. Henceforth, this study will demonstrate the need to comprehend budgets and align each to the core business processes of a given organisation. Having done so, a schema of approaches underpinned by data analytics can be harnessed for addressing the deficiencies faced in businesses generally. To ensure that the needs of most businesses can be met, this paper will also demonstrate fundamental business drivers for collating business expenses and business projections from historical records. In so doing, results garnered have indicated that contemporary methodologies associated to data analytics; overlooked budgeting areas are highlighted; business growth opportunities are initiated; and evidential suggestions and budget optimization situations are considered by all businesses and consumers.