When talking about performance, FP&A should be putting things into perspective by considering industry, competitors, consumer trends, legislation and the overall economy.
A recent Accenture study showed that 79% of large company executives think that companies that don’t manage big data properly will get left behind. But, data alone is not what businesses are after. They’re after what they think data can do for them. They’re really after the insights they can glean from data that will help them improve their decision making and the actions they take to move their businesses forward.
The explosion in computing and data processing power has led to an exponential increase in data available to business. Paradoxically, this has led to business leaders becoming more uncertain about what to do with this data. Hence, business is scrambling to put the appropriate “analytics” capability in place. This generates a lot of friction and tension because business leaders and managers, who have been brought up in a very different world, have to scramble to learn new languages and redress their relationship with data.
According to a recent survey by Prophix and FP&A trends, 88% of companies claim they have data quality issues. The aim of this blog is to sketch the main steps that you can take to ensure that your company belongs to the remaining 12%.
The purpose of financial planning and analysis is not to build perfect forecasts and financial solutions. The purpose is simply to make better business decisions. Numbers themselves can support decision-making but the story is what convinces people to make the right decision. This article will discuss best practices in data visualization that resonates with financial and non-financial people alike.
‘Getting the right data to the right people at the right place and time’ is the essence of the whole concept of data management. You can plan big steps for the long-term while making small steps to improve the situation in the short-term perspective.