Here’s Rocket Software’s Blueprint To Fix a Broken Financial Planning Process

Many finance teams today know the struggle: slow, manual processes, endless hours chasing accurate data, and plenty of frustrations.

At AFP 2024, Luis Luna, Senior Manager of FP&A at Rocket Software, shared how his team broke free from broken financial planning processes and embraced agile, scalable processes.

Let’s explore how Rocket Software transformed its approach — and uncover the steps you can take to apply these strategies to your financial planning processes.

Read more: Rocket Software Modernizes Finance and Workforce Planning With Planful

Rocket Software, a global leader in IT modernization, faced challenges familiar to many growing businesses, like broken manual processes and siloed ways of working. While these obstacles weren’t unique, their complexity increased as the company scaled, making change necessary.

Here’s a look at the three biggest challenges Rocket Software faced.

Challenge #1: Manual processes that waste time

Luis described the company’s planning processes as being held together by “spreadsheets and duct tape.” His team spent more time tracking errors and fixing formulas than analyzing data or supporting decision-making. The inefficiency frustrated team members and slowed critical business decisions.

Challenge #2: Data silos and disjointed systems

With three separate systems providing conflicting financial data, even basic metrics like headcount were difficult to determine accurately. Finance, HR, and leadership teams often worked with different numbers, leading to misaligned goals, inconsistent decisions, and strained collaboration.

Challenge #3: Low morale across the finance team

Highly skilled finance professionals were bogged down with repetitive, manual tasks like reconciling spreadsheets. These inefficiencies limited opportunities for strategic work and stifled career growth, ultimately contributing to burnout across the team.

Rocket Software’s transformation was systematic, grounded in clear priorities, and collaboration-driven. Here’s how they tackled their financial planning challenges, step by step:

Step 1: Assess and prioritize

Before evaluating financial performance management solutions, Rocket Software conducted a comprehensive assessment of its current processes to identify where targeted changes could deliver the most impact.

This evaluation pinpointed three critical priorities:

• Establishing a single source of truth for all financial data.
• Reducing the excessive manual effort required for reporting and forecasting.
• Collaborating more effectively with IT to manage finance tools and processes.

Step 2: Implement Planful in phases

Rocket Software selected Planful as their FP&A platform and approached implementation in carefully planned stages:

• Phase 1: Simplify reporting to establish a clean, consistent data foundation.
• Phase 2: Automate forecasting processes to boost speed and accuracy.
• Phase 3: Include workforce planning to align Finance and HR for seamless collaboration.

By rolling out changes in phases, the team achieved quick wins, gained momentum, and ensured each step built on the last.

Step 3: Generate buy-in across the organization

Collaboration was central to Rocket Software’s approach. The finance team partnered closely with IT to ensure seamless integration with existing tools and worked with leadership to tie the transformation to broader business goals.

Luis emphasized that gaining executive support was key. The finance team secured the buy-in needed to move forward confidently by demonstrating how improved processes would enhance decision-making and efficiency.

Rocket Software’s efforts led to remarkable improvements:

• 50% faster budgeting cycles: Automating manual tasks halved the budgeting timeline, enabling the team to focus more time on strategic initiatives.
• Data-driven decision-making: Leadership gained access to accurate, real-time insights, reducing guesswork and increasing confidence in planning.
• Scalable systems: Rocket Software successfully integrated a major acquisition without disrupting operations, demonstrating their processes could scale with business growth.

Most importantly, the finance team transitioned from a reactive stance to a proactive, strategic role, helping to guide Rocket Software’s growth by partnering with each department across the business.

Financial planning doesn’t need to feel overwhelming. Small, focused changes can make a big difference in improving your organization’s financial planning processes. Here are five steps to get started, using Rocket Software’s story as a practical blueprint.

Start with a clear evaluation of where you stand today

The first step is assessing your current processes to understand what’s holding you back.

Take a look at your current workflows and identify bottlenecks. Are your budgeting and forecasting cycles taking too long? Are data discrepancies creating confusion? How much time does your team spend fixing errors instead of analyzing data?

Define your goals and secure buy-in

Once you’ve identified your most crucial pain points, it’s time to set clear goals and rally your team around what success looks like. Define specific, measurable goals based on your evaluation.

Communicate these goals with your leadership and IT teams. Show how better processes will align with business goals — like scaling efficiently, improving agility, or supporting growth. By connecting process improvements to larger outcomes, you’ll secure the buy-in needed to move forward.

Choose the right platform for your needs

The right technology can make all the difference in helping you meet your goals. Look for a platform that solves specific challenges. Tools that streamline financial planning, budgeting, and forecasting can transform how your team works.

For example, tools that consolidate data into one trusted source can eliminate hours of manual work while reducing errors. Make sure to involve your team in evaluating potential platforms to ensure they’re intuitive and align with your workflows.

Tackle implementing these changes in phases

Big changes work best when tackled in manageable steps. Start with quick wins like automating reporting — clean, reliable data is the foundation for better forecasting and decision-making. From there, move to automating forecasting for faster, more reliable projections.

Expand into adjacent areas like workforce planning or scenario analysis as your team becomes comfortable. Set clear milestones for each phase and adjust as needed based on feedback. This step-by-step approach builds confidence and ensures lasting success.

Measure and communicate your progress

Transformation doesn’t happen overnight, but small wins can build momentum. Track your results with metrics like time saved through automation, reduced errors, or faster decision-making.

For example, if automating reporting saves your team 10 hours per month, calculate how much time that adds up in a year.

Celebrate small wins with your team and stakeholders to build enthusiasm for continued improvements. Demonstrating progress keeps everyone aligned and invested in the transformation.

Transforming your financial planning processes is a journey, but the rewards — efficiency, better decisions, and empowered teams — are worth it. Rocket Software’s success shows you can elevate your financial planning processes by taking thoughtful, phased steps and leveraging the right technology.

Visit the Planful Solution Hub for an interactive demo of our financial planning platform and take the first step toward breaking free from outdated processes.