By James Myers, Global Finance Executive and Finance Transformation Consultant
Companies reducing the size of their Financial Planning & Analysis (FP&A) finance teams are cutting valuable resources in the misbelief that is not a priority. That’s untrue. So what’s the role of FP&A in today’s company anyway?
Our worlds are moving at hyper speed, so to be successful we need focus on our core mission. In FP&A this mission is to help organizations accumulate new knowledge faster than their competition.
By Hyder Hasan, Global Finance Director at PureCircle
The concept of business partnering is more than two decades old and till now employees, at all levels, have not fully understood the fundamental point of Business Partnering roles. Even the companies which consider themselves ahead of the curve on implementing business partnering and have produced tons of reading material & presentations to make business partnering more effective, have only thought of the functional and operational elements of business partnering role. At the end of the day, our business partners are the ultimate judge of the quality of finance business partnering and just a confidential feedback will help to understand the variation in expectations and delivery.
No matter for a budget season or a continuous forecasting: the human factor is randomly covered in the process that may bring the best and the worst of management culture. A special eye on bias during the Performance Management and goal setting process is essential for process quality and to the FP&A skillset.
Time to shed light on the behavioral side of financial planning. With a twinkling eye, the not so obvious psychological patterns unexpectedly surface during every planning season.
„The greatest danger for most of us lies not in setting our aim too high and falling short, but in setting our aim too low, and achieving our mark.“ (Michelangelo)
2017 budgets might be locked and loaded at your company, but that does not mean that they need to be anchors on your company’s ability to anticipate, respond and react effectively to dynamic market conditions in 2017. Companies all sizes are upgrading from Excel and all its related headaches to leverage cost-effective cloud-based budgeting and planning solutions that fuel business agility by allowing companies to implement driver-based planning and forecasting.