The Millennial generation, which continues to make up a larger and larger percentage of the workforce, will change the way FP&A hiring takes place and the way we manage our finance talent. The article will demystify Millennials and explain how the FP&A profession must change to attract top talent.
Most entrepreneurs are a financial black hole because they’ve never started a company before or run one. So, you don’t have any history on them to analyze. Even when you do it will be so current you can’t even trust the figures because they are totally new. This situation is pretty similar to where investors in WeWork just found themselves.
During 2019 I have contributed articles to FP&A Trends that have addressed financial planning. The articles have addressed financial planning from the perspectives of financial statements, fields of study, and business functions. The purpose of addressing financial planning from these perspectives is to provide insights into usage. Usage of financial planning is important because it begins a process of improving financial health. Improving financial health can be achieved when finance professionals use financial planning.
Decision making requires a formal process to ensure that sound bases are taken into consideration and to ensure accountability and control. It is applicable to the different types of (material) decisions i.e. investments, developments, catalogue or contract pricing, reorganisation, etc. It is more flexible and specific than the forecast methodology (budget, rolling forecast, etc.).
At the fifth Committee meeting, Kevin McConnell, Intelligent Technologies Solution Strategy at SAP, shared an interesting presentation about using Machine Learning for better results in FP&A. In the video, Kevin talks about the evolution of Machine Learning and how machine learning automation works.
This article focuses on how to ensure that your team adopts business partnering because long-term it is not feasible to maintain quality of the work if you are trying to do it all by yourself. And quality is what makes partnering stick.