The FP&A Trends Webinar: Mastering Analytical Transformation with FP&A Trends Maturity Model
Click here to view details and register
The FP&A Trends Webinar: Mastering Analytical Transformation with FP&A Trends Maturity Model
Click here to view details and register
By Chris Grundy, Senior Director Product Marketing, SAP
After an absence of almost two years, I was looking forward to joining the London FP&A Board meeting, where a group of senior finance professionals met in person, many experiencing their first face-to-face industry event since the initial lockdown in the UK back in March 2020. For a few, it was a chance to catch up with familiar faces, and for others to build a new network, but for all, there was natural ease when taking the chance to meet people in person, without the need for web conferencing or any other technology solutions to facilitate the conversation, and certainly no requirement for a goat or other farmyard animal to provide mental stimulus and comic relief to the monotony of long online calls. It was clear, we had all missed the chance to network!
As usual, the FP&A Trends team delivered an exceptional event in a super central-London location, and after enjoying customary “get to know you” canapés, they invited us to get straight down to business. I for one was eager to hear what this group of Finance execs would report on their experiences during the pandemic, and where they would be taking their FP&A practices as a result. And would their feedback in any way resemble that which I had reported on just over one year ago, mid-pandemic, when agility, responsiveness and resilience were the watchwords at work?
I wasn’t disappointed!
Reporting on experiences from the pandemic and how this had impacted FP&A people, processes and technologies, attendees responded with a few key learnings, including:
Attendees of the group shared many experiences, some of which had influenced dramatic changes in business operations and FP&A approaches, with Cash Flow Management cited as a critical issue for many, while rapidly out of date budgets and plans were experienced by others.
Among the group however, there appeared a genuine confidence and trust that the analysis gained through effective FP&A had and continued to be of significant benefit to their organisations, and that efforts to improve and refine FP&A processes would continue. Though there was also a sentiment that the “right kind” of analysis providing information that was fit for purpose was needed, as too much data and information could simply be overwhelming for users.
In examining possible future improvements to FP&A, attendees were asked to consider the relevance of Scenario Planning in supporting business plans and also the challenges and benefits in adopting an xP&A approach in their business. The message was clear:
A couple of things appeared to resonate with the group:
Of course, what’s missing from this focus on Process and People is the much-needed Technology to tie things together. Thankfully I know some people who can help with this!
My thanks to all the FP&A Board attendees and to FP&A Trends for a super event. I’m looking forward to the next one!
We would like to thank our global sponsors SAP, IWG and Robert Half for their great support with this FP&A Board.
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