Because of Covid 19, businesses have faced unprecedented and potentially life-threatening challenges. This has highlighted the importance of using FP&A Predictive Analytics to stay ahead of the curve and take corrective action on time. At the FP&A Webinar, the panel of three high-profile speakers discussed the challenges, lessons and benefits of Managing Uncertainty with FP&A Predictive Analytics.

In the current highly uncertain business environment, an FP&A business partner needs to be equipped with defined skills and competencies that bridge technical acumen, technology, and influence. The organisation also has to evolve its model to allow the business partners to grow into a digitised FP&A business partner.

The COVID-19 pandemic has forced many companies to revise their strategies and budgets in preparation for the "new normal". In times of such unprecedented uncertainty, complexity and risk, Scenario Planning and Predictive Planning processes came to the forefront of the management teams and FP&A professionals. 

Through the adoption of technology, FP&A teams are able to achieve complete visibility and help guide the company as a whole while assisting each team to optimise performance.

The new xP&A world is much more connected than before with the ability to assess the component of risk management, multiple scenarios, modulations, and simulations. All of them are integrated and require a much closer approach to the business intelligence range of new skillsets.

If the last year has taught us anything, traditional financial planning and analysis approaches did not work (or at least proved suboptimal) when navigating through uncharted landscapes. The pandemic forced FP&A practitioners to reassess and adapt our approach to planning, forecasting, and bringing to the forefront the importance of scenario planning.