FP&A, technology and best practices are in constant motion. One key item in your FP&A survival toolkit is having professional development and continuing education opportunities. This article will explore the tools, processes and other areas you need.
The current COVID-19 disruption has led to a historical change requiring adaptability and increased visibility for CFO and the executive team. At the First Pan-Australian Digital FP&A Board, the panel of 7 high-profile speakers discussed how financial planning and analysis (FP&A) can adapt to the "New Normal".
The first Pan-Australian FP&A Board was held digitally as a response to the pandemic outbreak. This digital meeting was devoted to 6 facets of the New Normal FP&A including Scenario Planning, Cash Flow Planning, FP&A Team Building, Technology, Driver Based & Predictive Planning and FP&A Skills and Roles.
The current world is full of dead budgets and unrealistic forecasts, and FP&A teams need to adapt quickly to prepare for the future. At the first Digital Pan-Asian FP&A Board, senior finance practitioners from large organisations shared their insights on a variety of topics.
In this article, I would like to summarise this insightful meeting filled with practical presentations, interactive polling questions and compelling discussions around the six facets of the “New Normal” FP&A.
FP&A is going to thrive and evolve if it continues to enhance the decision-making process in an uncertain business environment. This is why we need to see a huge shift in the FP&A skill set.