An undisputed fact: data is the key to unlocking the potential of your business. It contains the insights to drive growth, generate efficiency and put you ahead of the competition. It is increasingly evident that using data to influence decision making in every aspect of your company will result in greater success.
By Richard Reinderhoff, Freelance Consultant Strategy & Operations
Financial Planning & Analysis (FP&A) is gaining more and more attention from business leaders. Its focus is the future of the business. It uses past and actual (big) data to effectively model or support the decision-making, and can timely impact the business focus. The FP&A professionals who work as Finance Business Partners understand basic accounting and reporting, yet their strength is in being from different ‘walks of life’.
Below is a review of a short presentation I gave at the latest FP&A Board meeting in Amsterdam. It includes three short real life case studies - practical illustrations of the Rolling Forecast use.
Analytics runs all business, yet it’s so often obfuscated. To make it real is a journey of discovery – first, establish a hypothesis, second, build an understandable context and third, act after you have continued to question the problem to conclusion.
It’s a Tsunami! Data is estimated to be doubling in size every 2 years; data analytics has never been so critical in history. Today’s CFO is more a customer focused strategic role and data driven leadership than compliance driven and optimization.
Once in a while I spot interesting discussions on Advanced Analytics and FP&A, online and among my colleagues. And each time I keep wondering: “How can I apply it? Which tools are the most effective? And what would I personally gain from it?”
I would like to discuss these issues and try to create a clear perspective, and hopefully help you enhance your professional authority by applying this information.