Companies nowadays are looking at using specialised FP&A solutions to help improve the accuracy and efficiency of the forecasting process. Depending on the maturity of the FP&A function, we can roughly divide companies into three levels of maturity in terms of their use of specialised FP&A solutions.

The modern FP&A takes an exciting path of transformation to meet the demands of modern business operating in a highly uncertain environment. Changes in the FP&A framework are mainly driven by an increasing amount of data, innovations in technology and analytical methods. What will it involve getting to the leading stage of FP&A Maturity?
 

It is commonly agreed that the traditional budgeting process is time-consuming and costly. It rarely focuses on strategy and adds little value. Although traditional budgets have evolved over the years, they can hardly meet the challenges of the modern economic and business environment.

An xP&A Business Partner needs to be equipped with defined skills and competencies that bridge technical acumen, technology, and influence. The latest technological advances have enhanced and transformed FP&A frameworks. xP&A Business Partnering is the latest trend that is going well beyond just Finance and involves the entire organisation.

As an FP&A leader in your organisation be a gentle guide and rigid challenger. Question decisions made with you or just in your presence. Encourage reliance on financial data, not an exchange of opinions.

The new rules and uncertainties of business require leaders in FP&A to be far more adaptable and agile in their strategic Capital Planning process. When capital is not managed effectively, organisations can easily miss their growth opportunities and increase their risk exposure significantly.