A British retailer recently announced plans to close over a hundred stores. Could part of the problem be an FP&A group whose ideas are outdated?  The responsibility of FP&A extends far beyond forecasting and reporting financial numbers, to providing advice and insights into managing, nurturing, protecting and growing intangible assets such as customer and brand loyalty, as though they were tangible assets.

Machine Learning provides tremendous insight regarding market trends & business drivers. These factors include market propensity, consumer demand, economic factors, weather, & transportation costs. Many companies take these variables into consideration but provide limited or time-consuming analysis.  This process limits corporate agility. 

A financial plan is a product used for guiding people’s actions toward the accumulation of wealth. As a product a financial plan is created from a variety of sources. One source used for creating a financial plan is finance.

In the video, Asif Khan, Global FP&A Lead at PayU, shares 5 steps of implementing ML for fore

There are several key components in the FP&A role. The way profitability is analysed and used to improve the business results is one of them. 

A financial plan is a product used for guiding people’s actions toward the accumulation of wealth.  As a product a financial plan is created from a variety of sources.  One source used for creating a financial plan is accounting.