By: Richard Reinderhoff, Freelance Consultant Strategy & Operations
A ‘financial’ strategist is a strategist first, and a financial second. For decades financials have been applying solutions to become a strategic business partner for the C-suite, from financial engineering and tax planning, to centralising (global) operations and deep analytics today. To avoid drilling deeper and still find nothing, reverse engineering the strategic role of the financial will show another route to be of value and increase the yield on IRR or profits with double digits…
Business Partnering, the very essence of Financial Planning & Analysis (FP&A), continues to prove one of the most challenging aspects of the FP&A professional’s role. In simple terms, relationship building with Senior Management sometimes lacks the impetus required to empower the collaborative psychology an organisation needs to identify, facilitate and sustain growth.
A balmy Dubai evening welcomed almost 30 senior Finance and FP&A professionals from across the UAE to join the latest FP&A Board at the Intercontinental Dubai Marina hotel. The roundtable was the latest in a series of regional gatherings organised by Larysa Melnychuck (MD of the FP&A Trends Group) with the aim of guiding the development and promotion of best practices in FP&A. Three hours of insightful, hot discussion and debate centred around the reasons why business partnering continues to prove such an obstacle for FP&A folk and the organisations they work for.
By Niels Van Hove, Mental Toughness Coach & Supply Chain Consultant
Integrated Business Planning (IBP) is often seen as a natural progression from Sales and Operations Planning (S&OP), which came to life in the 80’s to align sales and operations. As S&OP found its origin in the supply chain, IBP is often biased with supply chain terminology and reasoning. It can be argued that current IBP development is still driven with a supply chain bias. With this lack of divers thinking, IBP innovation runs the risk of being not truly ‘integrated’.
A purpose of FP&A is to help people acquire insight into how organizations function. People acquire insight from a variety of sources; they can acquire insight by reading reports, talking to people, or walking through facilities. A reason people choose a certain source to acquire insight is accessibility and as a result FP&A practitioners should make their insight accessible.