Very often financial and business planning professional ask the same question: which software do I need to improve my business and financial planning and analysis capabilities? The answer is not straightforward.
Imagine you have 3 minutes to explain to a six year old what FP&A is and what place it takes in a business ecosystem. Tough, isn’t it? What are things that a six year old would understand? For example, animals, right?
In the article, I would like to give you a short overview of the main opinions on this subject proposed by 43 leaders of Finance of global companies that have been discussed during the latest Amsterdam FP&A Board meeting.
Even if last six years I have been specialized in Data management, I still follow (thanks to FP&A club) developments in FP&A area. While reading some publications on FP&A trends I realized the strong connection between FP&A and Data management topics.
Nowadays a lot of concerns in business environment are focused around data. There are several drivers for that, such as regulations (e.g. GDPR), the growing amount of data, new technologies in data processing and analysis etc.
As an FP&A professional, you deal with data. Your data travels a long way from its source through applications to your reporting system.The data you deal with is the tip of the iceberg. The major part of data processing is the part that is hidden beneath the water. This article describes the four key actions that can help FP&A to become data-driven.
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In our earlier blogs we have discussed the role of data in your profession, your main benefits from proper managing of data, as well your main concerns about data. In this one I would like to give you a few practical tips on how to ensure getting the ‘right’ data.
Data management is a business function that, in my opinion, every company should have. Still, often it is not the case. Managing data means that everybody in a company knows what data they (can) get and have a good understanding of what can it can be used for. It also means receiving data when and where it is needed. And finally, producing and working with data of acceptable quality.
Very often financial and business planning professional ask the same question: which software do I need to improve my business and financial planning and analysis capabilities? The answer is not straightforward.
Imagine you have 3 minutes to explain to a six year old what FP&A is and what place it takes in a business ecosystem. Tough, isn’t it? What are things that a six year old would understand? For example, animals, right?