By John Stretch, Management education in finance and banking
As we enter 2017, many companies are busy finalising their annual budget. But how do you budget in a world where the best economists cannot predict the future? Perhaps the only approach is to prepare a budget as best you can, live with the uncertainty and then adapt to it and respond very fast when the future eventually happens.
This may explain why organisations have converted their annual budget process to a dynamic system of rolling forecasts.
By Alexander Antonov, Head Finance B2B at Sandoz
"If all you have is a hammer, everything looks like a nail" - Abraham Maslow
P&L management focuses on the items included into P&L (profit and loss) report. It has become an increasingly popular technique used by the top managers around the world.
A definition of quality is “a distinctive characteristic possessed by someone.” The work of FP&A practitioners focuses on thinking and learning about how financial activities – earning revenues, incurring costs, generating cash flows – affect organizations. The thinking and learning about this relationship require a mindset that creates results.
According to Wikipedia, prescriptive analysis is – after descriptive and predictive analysis -the third and final stage of business analytics.Gartner plots prescriptive analysis as the final and most difficult stage of data analytics. This article will draw an analogy with the mapping and car industry to suggest that prescriptive analysis as an opportunity to support Integrated Business Planning (IBP) and business optimization, is not a final stage, but just at the beginning of a new planning era.
By James Myers , Global Finance Executive and FInance Transformation Consultant
Dashboards have become a powerful tool for FP&A to share insight and gain respect. When designed correctly, they deliver a clear message on what’s working and what’s not, and the actions to take to fix the issue. Technology now enables us to create dashboards in minutes, allowing us to share information in ways we could never before…you must leverage this technology! The big question has moved from “How do we create dashboards?” to “How do we harness this powerful tool to drive business behavior?” Do it right and you win the day for FP&A!