At the recent FP&A Trends Webinar, senior finance professionals from diverse backgrounds and experience shared their views on the subject of Skills of the Future and How to Build Best-in-Class FP&A Teams.

The traditional budgeting process is short-term focused, causes unnecessary control and bureaucracy and results in a conflict of interest. For most present-day organisations, Traditional Budgeting is no longer fit for the task.

Why is so much time being spent on non-value add activities? How can we overcome this problem? What is the role of the modern FP&A Business Partner in Creating Value for the organisation? The Digital UK & Ireland FP&A Circle met on the 25th of May to explore how FP&A can “Create Value through better Business Partnering”.

Cash flow seems to be generally ignored by larger companies as the focus lies in growing and optimising profit and loss (P&L) in the general course of business.

The FP&A maturity journey requires the organisation to develop across all the facets: Leadership, Functional Skills, Business Partnership and Collaboration, Process, Data and Analytics, and Technology.

Statistics demonstrate the stark truth: that only 30% of change programs are successful, a proportion that has hardly changed since 1995. What can FP&A do to ensure we reverse this?