Master Your Financial Planning and Budgeting – Why Your BI Solution is the Key to Success

Introduction

When it comes to financial planning and budgeting, having trust in your data is vital. Yet, a survey revealed that 84% of finance leaders are making critical business decisions based on incomplete information and inaccurate forecasts.

It’s no secret that starting a new financial year can be particularly challenging for any business; budgets need to be built, forecasts tightened, and leadership teams are relying on finance to set the pace for the year ahead. But when your data is scattered, outdated, or difficult to consolidate, even the most seasoned CFOs can feel like they’re working with one hand tied behind their back.

And the bigger a business becomes, the more data there is to work with, meaning more chance for error, delays and increased cost. To combat this, more businesses are relying on cutting edge technology to solve these issues and streamline their processes.

The challenge

Financial planning and budgeting should be a strategic and systematic process, but, for many businesses, they’re operational headaches. Rather than focusing on key objectives, finance teams are stuck stitching together reports, manually inputting data into spreadsheets, and trying to collate numbers that should be readily available.

Some of the biggest barriers include:

• Disconnected systems that don’t talk to each other, making it hard to consolidate data across departments or regions.

• Outdated reporting tools that require manual work and are prone to human error.

• Spreadsheets that need to be manually update with every update, using up valuable time and resources.

• Lack of a unified data structure, making cross-team collaboration time-consuming and inconsistent.

Additionally, reporting delays often mean that by the time leadership sees the data, it’s already out of date, limiting agility and making course-correcting slower. CFOs can’t make informed decisions if they’re looking at a backwards view of the business.

Why business intelligence (BI) is essential for financial planning and budgeting

Business intelligence (BI) turns disconnected data into actionable insights, giving finance teams the ability to see the full picture clearly and in real-time. The value of this shift is backed by data: Forrester found that insights-driven businesses are 8.5 times more likely to report at least 20% revenue growth.

BI allows teams to plan smarter, not just faster. When everything sits in one place, financial data, forecasts, HR data, and operational inputs, it’s easier to test assumptions and adjust based on what’s actually happening in the business. CFOs don’t just want to see where they’re going; they want to model multiple paths and understand the impact of every turn.

This means more agile planning, tighter budgets, and more confident leadership. And when done right, BI brings the entire organisation into the process, making collaboration less of a manual effort and more of a natural outcome.

It also makes it easier to move beyond the basics. You can build in sales pipeline data, project timelines, and resource capacity—all the things that sit outside finance but have a real impact on financial outcomes. That’s where BI really starts to prove its value.

When you’re leading financial planning for a growing company, being able to quickly compare scenarios, test changes, and present those insights to your stakeholders is a huge win. It stops planning from being reactive and turns it into something you control.

How to solve financial planning and budgeting problems with a BI solution

Choosing the right BI and planning solution means looking beyond dashboards and reports. It’s about finding a partner that brings both the tools and the expertise to solve real planning challenges across departments, systems, and teams.

Here’s what to look for in a solution:

• Built-in data warehouse: Avoid reliance on manual exports or juggling multiple data sources. With a built-in data warehouse your data is up to date, accurate, and stored in one place.

• Integrated scenario planning: Ensure you have the capability to build flexible forecasts based on changing assumptions. This allows you to plan top-down or bottom-up with ease.

• Department-level collaboration tools: Commenting, approval workflows, and version control should be included, so there’s no time wasted chasing files or updates.

• Real-time visibility: Ensure you work with live dashboards and reporting so that your leadership teams always have access to the latest numbers.

• xP&A support: Ensure you Finance, sales, HR, and operations all work from the same set of data, with full visibility across the board.

We believe you shouldn’t just look for a BI tool, instead look for a solution that combines BI expertise and cutting-edge software. Naviloq, Staria’s BI and planning platform, combines smart technology with hands-on support to help businesses move from reactive to proactive planning. It’s built for finance, led by finance experts.

Naviloq doesn’t just streamline reporting. It empowers teams to model different paths forward, test changes, and act with confidence. Whether you're tracking cash flow, aligning workforce plans, or comparing global forecasts, everything works together in one platform.

And with Staria’s team of BI consultants supporting implementation and strategy, you’re never left to figure it out on your own. That’s what makes the difference between a basic BI tool and a full solution.

A real-world example: Global Maritime

One of Staria’s clients, Global Maritime, is a great example of how better systems can unlock better planning. As a global consultancy working in marine and offshore sectors, they were juggling multiple systems, currencies, and reporting lines. Forecasting was slow, reporting was patchy, and collaboration was harder than it should have been.

With Staria and Naviloq, they were able to unify their finance, and project data into one source of truth. Forecasts became faster and more accurate. Teams had access to the same, real-time reports. And they achieved all of this in just four to six weeks.

That’s the difference modern BI makes. It doesn’t just support finance. It supports the whole business with data you can trust and systems that make life easier.

Speaking of his experience with Staria BI and Planning, Christian Brigg, Global Maritime’s Group Finance Manager said:

“If you use NetSuite as your ERP, working closely with Staria’s BI and Planning team to take your decision making to the next level is recommended. Naviloq is an excellent, fairly priced, solution that enables you to make use of your NetSuite data and realise great value. Basically, if you need useable data, Naviloq is a good fit. Its flexibility, with out of the box solutions that you can adjust to your needs with ease, requires very little work when compared to solutions I have used in the past.”

Their leadership team can now make decisions with confidence, knowing that what they’re seeing is accurate and complete. There’s no more second-guessing or waiting on updates. The numbers are live and reliable.

Get ready for the year ahead

Every business wants better financial planning and budgeting, but few have the tools or time to make it happen. If your current process feels more reactive than proactive, it might be time to consider a smarter solution.

Staria’s BI and Planning services are designed to simplify the complex, reduce risk, and help you build a planning process that actually works for your team. Whether you're looking to gain clarity, save time, or improve accuracy, we can help you get there.

Explore the full Global Maritime case study to see how the process works in practice.

Or book a demo to see how Staria BI and Planning could support your business this year, and beyond.