The key to modern FP&A teams is through empowered organisational governance, underlying a rich collaborative exchange of words, data and information. This article explores how technology changed the way FP&A teams’ organisations in order to meet a more challenging landscape.
Despite the current circumstances of the COVID-19 epidemic, many FP&A teams have been able to adapt to the challenges and even become more effective during the crisis. Remote working or part-time working has led to more collaboration and is paving the way for new opportunities for both people and organisations. This article will describe the current FP&A challenges and the ways how FP&A teams can address them.
It’s often been said that we’re in the agile phase of strategic thinking – the stage of strategic thought that focuses on flexibility in planning and rapid, quickly responding iterations - and it really can’t be emphasised enough just how important it is to build a responsive and agile FP&A strategy. It makes all the difference between an efficient and high-performing strategy and one that’s dead in the dust.
Irrespective of the industry you work in, I am sure all of you would have noticed a huge change in the way your business operates in the last decade. You may have seen competition from previously unforeseen competitors, your CIOs talking about new digital ways of doing business and the utter lack of ready talent in your teams to manage this new challenge.
FP&A teams are skilled at pulling data from various information systems, manipulating it, and gathering insights. Although FP&A plays a crucial role in supporting companies in becoming more intelligent, there is a lot to think about when getting ready for big data and the FP&A transformation journey. Below are a few things to consider. This list will continue to evolve as we all learn from each other.
FP&A professionals need to be motivated and motivate others to trust and to make strategic decisions based on insights from the team. If trust is not yet established between you and your business partner, find the trigger that will make them believe in your analysis and the numbers behind them.