All functions have operational deliverables, with perhaps a very few exceptions like a Corporate Strategy function. Given this “daily business” that has to be conducted, it is logical that risk rears its considerable head when attempting change. The greater the change impact and ambition, the bigger the risk has to be taken into account on how to guarantee “business continuity”. FP&A is not exempt from this.
Finance transformation is high on the agenda for the majority of finance departments. What is driving this? There are a number of push factors that are important.
The challenges of running a modern business get tougher and tougher. Mainly externally driven challenges including regulation, increases in business complexity for example in the level of competition, the nature of competition, a more complex global supply chain, increases in the speed of change, in no small measure driven by the acceleration in computing and digital technologies. All this leads to a more uncertain and more volatile business environment.
The process and tools designed with good intent many many years ago when the world was much simpler, the competitive landscape was more stable and where the scarce resource was financial capital, end up favouring the present to too high a degree at the expense of the future. In other words, it is likely to lead to incrementalism rather than boldness.
The essence of the FP&A role is about helping to enhance the decision quality of the organisation. It measures this by reporting on, analysing and planning for the financial performance of the organisation. And it does this by partnering effectively with the business. This article focuses on the HOW FP&A practitioners could approach their work.
What does it take to become a good or even great FP&A professional?
The article describes those QUALITIES that I have found in people who I have worked with, worked for and who have worked for me in an FP&A domain that I found to be particularly effective in driving the FP&A agenda forward within their responsibility domain.
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Author's Articles
This article explores to what extent both Lean and Six Sigma can be applicable to FP&A work. Are such techniques still relevant today? The answer is yes.
This article zooms in on two qualities of a successful FP&A professional – Candidness and Courage. Why are they important for a career in FP&A?
Critical and committed - these are two important qualities for an FP&A professional. How can they be cultivated? Find out in this article.
At a time when finance is being challenged to add more value, getting the right attitude and mindset becomes critical to attract finance talent that is fit for purpose. This article zooms in on two important qualities of a good FP&A professional – Challenging and Compassionate.