In the current highly uncertain business environment, an FP&A business partner needs to be equipped with defined skills and competencies that bridge technical acumen, technology, and influence. The organisation also has to evolve its model to allow the business partners to grow into a digitised FP&A business partner.
The COVID-19 pandemic has forced many companies to revise their strategies and budgets in preparation for the "new normal". In times of such unprecedented uncertainty, complexity and risk, Scenario Planning and Predictive Planning processes came to the forefront of the management teams and FP&A professionals.
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?
Through the adoption of technology, FP&A teams are able to achieve complete visibility and help guide the company as a whole while assisting each team to optimise performance.
If the last year has taught us anything, traditional financial planning and analysis approaches did not work (or at least proved suboptimal) when navigating through uncharted landscapes. The pandemic forced FP&A practitioners to reassess and adapt our approach to planning, forecasting, and bringing to the forefront the importance of scenario planning.
Analysis is only as good as the decisions that result from it. In the uncertain business environment, organisations that provide people with the intelligence to make better decisions will outperform their competitors.