How do you choose the right planning, budgeting, and forecasting (PB&F) software for your business?

The market is crowded. Every vendor promises agility, accuracy, and speed. But the right tool depends on your business needs — and the selection process you follow.

Here’s how to approach it 👇

✅ Start with their pain points. Are they trapped in Excel? Drowning in data silos? Spending weeks reconciling numbers? Their problems define their priorities.

✅ Match the solution to their stage of growth. Scale-ups may need flexibility and speed; mid-market organisations often need multi-entity consolidation, governance, and ERP/CRM integration.

The Excel Question: Different Vendor Philosophies

It’s likely that the organization is currently reliant on an Excel-based solution, making the transition away from spreadsheets a pivotal part of the decision-making process. Four different vendors will be featured in next week’s GrowCFO Tech Showcase, each offering a distinct approach. The current understanding of each vendor is as follows:

• Planful: A full platform that replaces most Excel models while retaining a familiar spreadsheet-style interface.
• DriveTrain: Built for collaboration and scalability — designed as a true alternative to Excel-driven planning.
• Abacum: Bridges the gap, combining automation with the familiarity of spreadsheets.
• Datarails: Enhances Excel itself — integrating, consolidating, and controlling data without forcing teams off spreadsheets.

There’s no single right answer in this case—it ultimately depends on what the organization wants from the solution.

The AI Question: Different Uses of Intelligence

Once again, each vendor has approached AI differently. The research has shown that:

• Planful: Embeds AI into workflows (anomaly detection, automated insights).
• DriveTrain: Uses AI for scenario modelling and predictive planning at scale.
• Abacum: Automates repetitive reporting tasks using AI to free analyst time.
• Datarails: Applies AI to surface insights and trends directly inside Excel.

However, this is a rapidly evolving area. The summary may already be outdated by the time it’s reviewed.

How to Run a Structured Selection Process

There are many solutions available beyond those featured in the showcase. Each comes with its own strengths and limitations—none are inherently poor, but some will align better with the organization’s specific needs. Identifying the right fit requires a structured approach, so the following process is recommended:

1. Define requirements: Separate must-haves from nice-to-haves.
2. Build a shortlist: Focus only on vendors that fit the organization’s size, industry, and integration needs.
3. Check independent reviews: Sites like G2, Gartner Peer Insights, or Capterra give an unfiltered view of customer satisfaction.
4. Talk to existing users: Vendors should be asked to provide connections to reference clients—preferably those operating within the same sector and at a comparable scale.
5. See real use cases: Generic demos should not be accepted. Instead, vendors should be asked to demonstrate scenarios that the team actually encounters.
6. Score objectively: Use a weighted scoring model agreed by finance, IT, and business stakeholders to avoid bias.
7. Assess implementation & support: The best software can fail with the wrong partner — check the track record, ecosystem, and ongoing service.

My Own Experience

During a budget transformation project for a package holiday provider, the team made the mistake of favoring a supplier before initiating the formal selection process.

Three vendors were asked to demonstrate their solutions against a highly specific budgeting scenario tailored to the business. Only one—unexpectedly, not the preferred vendor—was able to meet the challenge.

The decision quickly became obvious. That experience highlighted the importance of:

• Testing vendors with real-world scenarios, not generic demos
• Letting the process — and the evidence — guide the decision, not assumptions
• Staying open-minded, because the best solution isn’t always the one that is expected

The GrowCFO Tech Showcase on 24th September will explore these four vendors side by side — helping CFOs and FP&A leaders see how different approaches to planning and forecasting, including using Excel and AI map to different business needs.

👉 For organizations considering whether to evolve their Excel-based processes or replace them entirely—and exploring how to unlock real value from AI—this session is highly relevant.