Many organisations over the last few years have been drumming on the need to become more data-driven and more “digital”. This short article looks at what potential implications that has for the Finance and Business Finance / FP&A function in particular.
Most FP&A departments are on a journey to a place where they can cope with today’s ‘new normal’. From our experience, organisations that are in the Leading state of the FP&A Analytics Maturity Model exhibit several characteristics.
How can FP&A enable a quick, integrated and multidimensional scenario planning process? What are the building blocks for an effective FP&A team? Where does the journey towards leading analytical stage begin?
The First Digital European (Germany and Benelux) FP&A Board discussed FP&A Digital Transformation: Moving from Traditional to Leading Stage. The speakers talked about FP&A transformation, driver-based planning, predictive and prescriptive analytics and the use of modern technology. During this digital event, we also discussed what skills are now required from FP&A professionals in the digital era.
The first ever digital European FP&A Board meeting took place on September 24, 2020. Even though it was different than the face-to-face meetings, the interest and participation only seemed to have grown.
FP&A analytical transformation has been dominating headlines for some time. In the last decade, finance, and FP&A in particular, embarked on a journey from descriptive to prescriptive analytics. True digital transformation integrates technology, data, and new processes across the entire corporation.