To be successful, organisations need to have good communication between functions. Although interconnected, they usually have different objectives. There are some best practices that organisations should keep in mind to have a smooth cooperation between departments.
The increasing levels of business partnering and integration, new opportunities in functions outside finance are becoming possible. Having personally witnessed some successful cross-functional movements by FP&A professionals, I am a strong believer in the capability as well as the value of such movements.
COVID-19 and potentially other black swan have taught us the importance of recruiting & having great synergistic team, ensuring their welfare, making sure we assess the skill sets required for the changing world and leveraging technology to ensure best performance.
Throughout my career, I have interviewed hundreds of candidates for dozens of roles, most of which were in FP&A. After evaluating the performance of these professionals personally, I was able to assess the qualities that either led them to their success or not, and it boiled down to three relatively straightforward criteria.
New technologies are reducing back-office workload, giving FP&A the opportunity to be more involved in running the business. Degree of this involvement depends on the capacity of FP&A team and the organisational culture.