Throughout different business cases and concrete examples, the panel of experts present the needed evolution of FP&A team, linked to new capabilities that will make FP&A teams “winning” ones in the evolving environment.
Jack Welch was quoted as saying, “If the rate of change on the outside exceeds the rate of change
For FP&A, effective communication centres on 'storytelling' — the art of conveying numerical analysis as a cohesive narrative instead of a set of disjointed figures. It is hard to overstate the importance of storytelling. How FP&A professional presents their data determines how they are viewed
The financial planning and analysis (FP&A) storyteller has emerged as one of the five critical roles within the FP&A function. In a data-driven world, the volume of data that exists is exponentially increasing. Equally, the time available for managers to process insights from this data is decreasing. Therefore, the requirement that these insights be taken and used to drive leadership decisions has never been greater.
The New Normal means that planning is no longer an extrapolation of the past. Similarly, business drivers that worked last year may no longer be relevant for the future. The reality is that organizations face multiple possible futures. Each one can be triggered by a crisis or an unforeseen event that will require the company to adjust or even change course.
So how should FP&A adapt to this New Normal?
Over the years, the challenges faced by management have required different planning approaches and techniques. Some have stayed and become ‘the norm’, for example, driver-based planning.