In 1992 a professor named Robert Kaplan and a consultant named David Norton created a measurement system called The Balanced Scorecard. A reason for creating The Balanced Scorecard was to go beyond financial statements in measuring what businesses do in order to improve performance.
We live in a Digital World today, with nearly everything interconnected with each other. Yet many individuals, companies and organisations seek their own ways and explore how to leverage data in the area of Financial Planning and Analysis.
Spreadsheets are a great tool to build and maintain ad-hoc calculations, quickly draft a business plan and create good-looking reports. But when it comes to planning and budgeting in a complex business environment the flexibility of spreadsheets is often quick to become an obstacle instead of an asset in your planning process.
The Global Artificial Intelligence / Machine Learning FP&A Committee was created in March 2018 with the aim to see how the latest developments in those technologies can influence modern Financial Planning and Analytics. On the 14th of November, the Committee held its third meeting.
Mature driver-based planning models are an essential component of effective rolling forecast processes in complex, global organizations. They provide the foundation for profitable growth by enabling strategy and cost structures to quickly self adjust to changing business objectives and market conditions.
There’s a lot of buzz nowadays with regards to digitalization and how we all need to be ready for significant changes in our working environment and businesses.