A key function of effective FP&A is to create a data-driven decision-making culture throughout the enterprise. Data management is, therefore, a crucial part of FP&A's agenda. 

As technology keeps advancing, digitalising the FP&A function and integrating it across the organisation is not out of the reach for any company. The successful companies of tomorrow will thrive by implementing data-driven and digital planning processes.

There are three key building blocks for modern Financial Planning and Analysis: Digital, Data and Analytics. What are these building blocks, and why do they matter from the  FP&A perspectives?

When your financial planning and analysis (FP&A) becomes data-driven using automation and an intuitive platform with the right tools, then there's a fundamental shift. The data flows freely, it's trustworthy, and it starts to work for you. In fact, it can lead to a transformation, especially with decision-making around your organisation's finances and business strategy. But how can you reach this point? 

Data today is being created and consumed at an unprecedented scale. Data science is progressing even faster, further speeding up the rate of data creation and consumption. The companies that are the first to adopt the best practices will gain a significant advantage. The rest might just perish. 

Annual Operating Planning is an important activity in many organisations.  Some refer to it as budget season and every organisation has its own nomenclature such as AOP, OB, LRBP, etc. This article covers best practices for a successful planning season, explains what best-in-class organisations do to create a solid annual operating plan and answers three burning questions.