Businesses need to adopt and integrate the right technologies while also ensuring senior finance leaders are directing and evolving the Office of Finance to be an essential function of the enterprise. We can refer to this idea as FP&A Maturity.
On September 15th, we were discussing how to achieve FP&A Intelligent Transformation with senior practitioners from SWAROVSKI, Moderna and Board International.
The webinar was based on our global research that is focused on the FP&A Board Maturity Model categories of Process, Data & Analytics, and Technology.
The key to developing a best-in-class FP&A organisation is reaching level 5 maturity is getting the basics right. In addition to having the right people on your team, you'll want to ensure they understand the basics properly and have prepared the environment for growth.
The FP&A maturity journey requires the organisation to develop across all the facets: Leadership, Functional Skills, Business Partnership and Collaboration, Process, Data and Analytics, and Technology.
First and foremost, Best-in-class FP&A is about agility. Accordingly, it specialises in the ability to orient planning activity around the needs and cycles of the products and services provided by the organisation. With a constant flow of urgent demands leaving little time to make changes, finance teams need practical advice on how to digitally transform FP&A.
In this paper, we will explore these different areas to explain what they are, how they have benefited other organisations and the steps an organisation can take in making the transition.