If marketers learned anything in 2020, it was the importance of agility and being able to quickly pivot to optimize overall marketing impact. Especially if you manage large teams with multiple budgets.
Our 2020 State of Spend Report analyzed the multitude of changes marketing organizations made to their budgets, strategy, and focus in response to the global pandemic. As in-person events were cancelled, organizations pivoted to digital channels and had to transfer millions of dollars between budgets. Unfortunately, for most marketers any type of budget change requires a series of manual adjustments and ad-hoc communications which can lead to errors.
As such, we’re excited to announce our new budget reallocations capabilities, which will solve the challenge of needing to quickly – and confidently – shift dollars and track any money movement changes. With built-in approval workflows, marketers can efficiently reallocate or adjust budgets from within Allocadia.
We’ve also ensured managing budget reallocations between different currencies can be done quickly and confidently. If multiple currencies are involved, conversion will occur at the time of approval.
Save time and control your budget
Email notifications are sent to approvers any time a transfer is requested for more efficient and streamlined communications around budget target changes — saving time and boosting efficiencies. Along with a standardized process to request and initiate transfers, a history log of all transfers or adjustments will be accessible for audit purposes.
Plus, admins can now enable and disable transfers for different locations in the hierarchy. For example, if transfers need formal approval for advertising budgets, but not for events – the feature can be turned on or off.
Interested in getting started? Contact your CSM to ensure this new functionality is set up best for your instance of Allocadia.