By: Richard Reinderhoff, Freelance Consultant Strategy & Operations
A rolling forecast is not only about seeing the future unravel, but a constant evaluation of the management team to see if they are able to adjust their operations on time. Without it, any form of strategic planning becomes useless. Below you find a real-life case. Step-by-step each question will be briefly discussed. It is about a foreign business unit, which was part of a large European corporation, on the brink of a crisis.
by Dr. Amarendra Kumar, General Manager of FP&A at Pyramid Consulting
There is evidence that FP&A interest is growing fast. Each and every day, CFOs feel the pressure building on the finance function to contribute more to business success. Within the CFO’s organization, the responsibility for tracking, assessing and reporting corporate performance normally falls to the Financial Planning and Analysis (FP&A) group.
In reality, FP&A specializes in analyzing and planning for the future, wearing multiple hats and identifying various improvement strategies. A valued FP&A specialist is someone who has the ability to engage with and influence the full breadth of top management – not just CFO – ensuring they have the necessary information. The specialist will explain why the business needs to go towards x, y, z markets and not the a, b, c direction they were planning.
On 16th March 2017 the second meeting of the Brussels FP&A Board, launched in November 2016, took place at the exclusive Business Club van Lotharingen in Brussels. It gathered 25 financial planning and analysis (FP&A) professionals from such companies as ING, J&J, Mastercard, to name but a few. As the mission of the International FP&A Board is to guide the development and promotion of best practices in global FP&A, identify and support new trends, skillsets and innovations, FP&A Analytical Transformation became the primary focus of the discussion in Brussels.
by Antony Parker, AECOM
One important skill finance professionals are never taught during their formal education is the power of personal engagement with operations and using these relationships to deliver bottom line value. There is too much focus on models, processes, procedures and systems without regard to the fact that all these have to be developed, operated and interpreted by people.
I never cease to be amazed by the number of job ads that contain the title “Business Partner” without the candidate or employer knowing what the term means or understanding the behaviors and competencies associated with effective business partnering. Many organizations also fail to understand the powerful linkage between partnering and organization performance. They simply see business partnering as an attempt to convince themselves that by following latest trends the organization will achieve success.