On the 9th of March, Larysa Melnychuk hosted an inspiring webinar about FP&A Data Visualization: Moving from Insight to Impact where three senior professionals focused on discussing three pillars of FP&A storytelling.
As an FP&A leader in your organization be a gentle guide and rigid challenger. Question decisions made with you or just in your presence. Encourage reliance on financial data, not an exchange of opinions.
2020 has been the most difficult year in modern history. As Einstein said, “In the middle of every difficulty lies opportunity.” This survey we believe offers hope, insight, and a much-needed reality check on where FP&A is today. It also forecasts what needs to happen for FP&A teams to develop their best practices from theory into reality.
When an organisation decides to invest in an FP&A software, there are three things to look for which will help ensure that the software selected will benefit the organisation as a whole, not just the FP&A function.
Explaining and forecasting activity evolutions require to isolate correctly different factors (variables) that have an impact such as quantity, price, customer win/loss, competition. In the international environment, currencies and currency variances are one of the important variables.
Many Finance professionals have an incorrect perception of the word “insight” but here is a simple way to validate if you provide insight or “just” data. Ask yourself, what decision a business can make based on the data you have provided? Insight is something valuable and not yet known by the business, but when known the business uses it to make decisions that are data-driven.