The quality of a decision is a question about what data or lack of data the decisions are made on. So, let’s discuss what is a Data-Driven Decision and what is not, but also how do we make Fair Decisions. 

As the appetite for detailed business insights is growing on data that is accumulating, we face the need for a stronger, true cooperation between FP&A and IT, to support faster, more accurate business decisions.

This series of articles focuses on blowing up this stereotype by demonstrating how Finance in general and financial planning and analysis (FP&A) in particular can change its language, use the right part of the brain to throw light on the most important business drivers, revive figures and make them tell a story that is easy to perceive and take action on. 

There are so many great stories to be told in FP&A! Due to technological advances, FP&A professionals now have access to advanced analytics, flexible dashboarding and effective data visualisation tools.

Today’s finance department is a weaved together mix of shared service centres, centres of excellence, outsourcing arrangements and the retained business partnering functions such as FP&A.

This article focuses on why there is a risk of too much focus on the profit and loss (P&L) or income statement and too little focus on the Balance Sheet among FP&A practitioners.