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Lessons Learned from the Pandemic: Seattle FP&A Board Summary
New
December 23, 2022

By Dean Sorensen, the Founder of IBP Collaborative

FP&A Tags
Financial Planning and Analysis
FP&A Scenario Planning
Extended Planning & Analysis (xP&A)

The Seattle FP&A Board met on May 24th. Ron Zanetti, Head Of Finance at WellSaid Labs and FP&A Board Ambassador moderated the discussion. 28 professionals attended from companies, including:

  • Amazon
     
  • Boeing
     
  • T-Mobile
     
  • Genie/Terex Corporation
     
  • Seattle Children’s Hospital

Seattle-FPA-Board-May-2022-1​

Figure 1: Lively Networking During the Seattle FP&A Board

Lessons Learned From the Pandemic

During introductions, all the participants provided insight into lessons learned from the pandemic. The following are some of the comments made: 

  • We could respond to remote work in the short term, but it became more complex in the long term
     
  • There is a need for face-to-face collaboration
     
  • Don’t be distracted by the noise and how it affects the long-term direction of the company
     
  • Increase the cadence of forecasting to enable companies to “win at the turns”
     
  • Raise cash before the market tanks
     
  • Make sure you understand the balance sheet and break-even point
     
  • Don’t take growth for granted

Scenarios

One of the discussion topics was effective Scenario Planning. The following are some of the insights and comments provided by participants.

  • Scenarios must be accurate, believable and timely
     
  • Build a connection across the organization to achieve good scenarios
     
  • Scenarios based on cash flow and balanced sheets provide the foundation for accuracy
     
  • Don’t over-rely on averages in scenario planning because you may miss big things
     
  • Need to have a gut check on the assumptions that underlie scenarios

xP&A Discussion

One of the discussion topics was on xP&A. The following are some characteristics identified of effective xP&A processes and solutions.

  • Processes and workflows are executed across functions and entities, not just within entities
     
  • Finance and operations share planning models that support both
     
  • In manufacturing, sales and operations and Rolling Forecast should be a single process
     
  • Effective cross-functional management, like the use of productivity measures instead of fixed budget targets
     
  • The Group pushed back on the concept of xP&A as the feeling was that it did not adequately address the need for integration as stated. We ended up with a new format: (xP&A)I, where the power of I = integration. So we turned it into calculus.

Breakout Teams

At the end of the meeting, participants broke into three groups, each addressing one topic. The following is a summary of their feedback.

Team 1: What are the practical steps in implementing xP&A?

  • Repeatable
     
  • Solid Strategic Plan
     
  • Collaborate with all functional groups and execs
     
  • Finance: set guardrails to help participants
     
  • Strong Leadership
     
  • Set a calendar and timeline for all
     
  • Set a Planning Cadence

Team 2: How to move from traditional planning to Scenario Management?

  • Invest time and establish a framework (tools and process to handle iterations)
     
  • The organization’s incentives aligned
     
  • Build trust with stakeholders; key stakeholders must understand the impact of financial statements
     
  • KPIs across the entire business
     
  • Find allies/change agents, champions, influencers
     
  • Find and turn around one sceptic into a champion
     
  • Ensure calendar management and sustain an operating rhythm
     
  • Manage resource allocation for people first
     
  • Be mindful of controllable and non-controllable factors

Team 3: How can organizations prepare themselves for successful analytical transformation?

  • Ensure decisions are driven by data
     
  • Recruit champions
     
  • Communicate vision
     
  • Demonstrate and share “Actionable Insights”, not just “Interesting Insights”.
     

 SAP, Seattle Search Group and International Workplace Group sponsored the meeting.

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