To be successful business partners, FP&A professionals should capitalise on the latest technological advances. So how can we digitise FP&A Business Partnering effectively?
There are many factors that influence a significant promotion in finance - be it into a manager role or large P&L responsibility. These can be formal education and certification, past performance, experience, etc.
However, what I have seen in the past, is that many people despite checking all these boxes still couldn't get ahead in their careers
The power of Finance Business Partnering enables Finance to step outside of their traditional Performance Management roles (setting budgets and reviewing actuals) in order to contribute to real value creation initiatives.
Simply put, spending more time working together is mutually beneficial for both Finance and the business.
But what is the best way to structure that relationship? Should Finance operate as an advisor, a consultant or perhaps even an investor?
By Joao Almeida, CFO Hubs at A.P. Moller-Maersk, and Rich Feldman, Head of Marketing at Finario
CEOs that are more strategically oriented and less numbers-oriented tend to want to partner with a CFO who has a strong command of the numbers. When that's not the case, and we have CEOs or leadership teams that are focused on their matrix, it can be challenging for the finance organisation. In the new article, Joao Almeida and Rich Feldman discuss some of the current challenges facing leaders in finance, and the role of capital planning in a time of increased uncertainty.
Traditional FP&A activities are becoming increasingly standardised and automated. To cope with these trends, finance managers should take over the role of sparring partner in their organisation.
At a time when the FP&A framework is being extended to the entire organisation (into Extended Planning & Analysis (xP&A)), FP&A Business Partnering need to keep up with this new model to stay relevant and cutting edge. xP&A Business Partnering is now the latest trend that is going well beyond just Finance involving the entire organisation to move FP&A and planning to the next level.