For the modern FP&A professional, Excel is an invaluable and versatile tool, but to provide best-in-class business partnering support, FP&A professionals must find ways to evolve Excel-based tools into more integrated solutions.

Is planning a routine annual exercise or a flexible and dynamic FP&A process that drives value and supports decision-making under uncertainty? How to achieve the latter?

2020 and 2021 have been challenging years for everyone. Two years after the arrival of Covid -19, business and lives are still very much disrupted. 

So, what did we learn from the pandemic that we can now put in place so as to help with future black swans?

With technology developing at breakneck speed, it is no wonder that FP&A teams around the world are beginning to capitalise on innovative modern tools. In particular, planning processes have been transformed by the implementation of Artificial Intelligence (AI), Machine Learning (ML) and Predictive Analytics.

Unstable times are putting pressure on our planning process: we need to re-forecast more often to make timely and informed decisions, while at the same time we need to expand our forecasting horizons and look ahead. How can we achieve this?

To deal with the resulting uncertainty, FP&A teams have had to demonstrate agility and analytical rigour, as well as flexibility. The organisational disruption, impact on business performance and changing supply chain demands have required FP&A teams to respond with rapidly changing forecasts, budgets and investment plans.