Budgets generically have a variety of objectives.

However, each firm, typically, tailors its budgeting objectives to meet its particular needs. So, there can be no “one size fits all” plan to replace it.  Each must be specific to the firm.

Those tailorings frequently include “work a rounds” to help address the traditional budget’s widely recognized limitations. For example, zero-based budgeting, flexible budgeting and activity-based budgeting. Other budgeting assists are also available from organizations like the Beyond Budgeting Institute and the  Profitability Analytics Center of Excellence.

Quoting from Phase I: OIS Implementation:

“Phase I is is also the time during which the CEO/CFO develop the plans to replace the current budget.”