Budgeting inaccuracies persist in industries like construction and manufacturing, with over 90% of large projects exceeding budget or schedule. Traditional budgeting methods often rely on intuition, which is insufficient given increasing complexity. Poor communication and siloed departments further exacerbate risks. To overcome these challenges, businesses must adopt data-driven budgeting tools utilizing advanced analytics and AI. These tools can enhance accuracy, transparency, and efficiency in budgeting processes, shifting away from manual methods that carry significant risks.
Despite the advancements in budgeting tools and software, budget overruns in construction and manufacturing remain common, indicating a disconnect between budgeting practices and effective outcomes.
Over 90% of large projects suffer budget overruns or delays due to reliance on outdated methods, insufficient data, and poor communication among stakeholders, demonstrating urgent need for new budgeting strategies.
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