FP&A departments are able to track and manage financial plans. But can FP&A help manage the execution of a strategic plan? Is there value in integrating these two processes?
In this 6-minute video, Tanbir Jasimuddin, Director of Finance at Vardags, explains key concepts and definitions of the Integrated FP&A concept. Tanbir presentation is based on his experience of leading a number of transformational projects both in the UK and internationally.
Working in FP&A during a crisis is extremely challenging but it is also an opportunity to mature processes, reach a stage where FP&A can conduct organizational changes and become a real Business Partner. This article highlights three main areas for FP&A improvement.
Anyone working in the FP&A space knows intermittent disruptions such the COVID-19 epidemic are the just tip of the iceberg because, at some level or another, every business day is a ‘VUCA’ day and if you invest in building FP&A processes that prove their worth every working day then you’ll be better able to weather a crisis.
By deploying integrated FP&A organisations see greater performance improvements compared with traditional FP&A processes. This is enabled through combining strategic planning, business planning and forecasting and operations planning and forecasting.
Integrated business planning (IBP) is not a new concept. Yet it’s still hard to find organizations that have fully embrace it, because their efforts have been hampered by the proliferation of legacy systems and data silos. IBP is characterized by aligned planning processes and calendars, full integration of cross-functional data, and cross-functional and business collaboration.