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.
The meeting subject was “Building Winning FP&A Teams in the New Normal”, delivered by a truly international board panel of 5 members based in Australia, Malaysia, Singapore, and the UK. Below is a summary of what was discussed on the day including a summary of the polling questions and answers.
Scenario planning came to the forefront and even these had to be quick, flexible, and adaptable. Our six panel members took us through how they had to adapt and change system and processes for the “New Normal”.
The Second Digital North American FP&A Board was held on the 27th of October 2020. We had five great presentations on the subject of “Building Winning FP&A Teams”, delivered by a truly international board panel based in the US, Canada and Europe.
On the 6th of October, I had the pleasure of hosting the Second Digital Pan-Asian FP&A Board. We had six insightful presentations that are summarized in this article.
On 12 November 2019, I had the pleasure of facilitating, the 7th Frankfurt FP&A Board meeting. The meeting was sponsored by Apliqo and Robert Half and attended by over 30 FP&A professionals. The key subject of discussion was “FP&A Business Partnering”.
Pagination
Author's Articles
In the current highly uncertain business environment, an FP&A business partner needs to be equipped with defined skills and competencies that bridge technical acumen, technology, and influence. The organisation also has to evolve its model to allow the business partners to grow into a digitised FP&A business partner.
The new xP&A world is much more connected than before with the ability to assess the component of risk management, multiple scenarios, modulations, and simulations. All of them are integrated and require a much closer approach to the business intelligence range of new skillsets.
In times of uncertainty, we found out that traditional business planning does not work very quickly. Budget and forecast become irrelevant whereas multidimensional and integrated scenario planning is a must-have. This is where you see the importance of the concept of xP&A.
During the pandemic, we witnessed how quickly traditional budgeting and planning process become irrelevant. Traditional controlling does not work anymore. We need to ensure all our planning processes are integrated vertically and horizontally and ensure everyone that plans in the organisation work together.