In this episode of the FP&A Trends Series Gary Cokins, recognised business analytics expert, author-president of Analytics-Based Performance Management LLC, shares his insights on forces that create modern FP&A. Learn about the key success factors that modern FP&A should take into consideration when embracing the analytical transformation journey.

In this episode of the FP&A Trends Series, Timo Wienefoet, MD at IMPLEXA GmbH, shares his view of the latest FP&A Trends in Germany.  How does financial planning and analysis work in Europe's leading economy, Germany? What needs to be done for a good FP&A practitioner in the digital age? 

We live in a modern, technological world where data, or more accurately insights from data, can drive competitive advantage. From identifying opportunities for optimisation and efficiency to generating a greater understanding of customers and prospects, it should be every company's aim to use their data to influence their decisions and future strategies to gain the advantage in their competitive market.

Machines thinking on their own present a number of anxieties in the workplace. Perhaps the most significant anxiety is the loss of work. Loss of work within factories is more than an anxiety, it is a reality.

Keeping your company at the forefront of its field means having the ability and confidence to make hard-fast decisions. Success depends heavily on making the right decisions and executing them with speed and efficiency, giving you a serious competitive advantage over the market. EY conducted a survey that revealed 81% of senior executives indicated they needed to improve their decision making speed and get greater insight on their business.

Businesses have long recognised the importance of using data analytics to improve the customer experience. The focus on customer-orientated analytics has, however, resulted in businesses failing to harness the power of their data to optimise their operational processes and significantly improve margins – although this is changing.