In this article we will look at the different methods an organization can use to set direction. Planning involves many kinds of methods that help managers make decisions.
Michael Coveney
Michael Coveney spent 40+ years in the software analytic business with a focus on transforming the planning, budgeting, forecasting and reporting processes. He has considerable experience in the design and implementation of Business Analytic systems with major organisations throughout the world. He is a gifted conference speaker and author where his latest book ‘Budgeting, Forecasting and Planning In Uncertain Times’is published by J Wiley. His articles have also appeared on www.fpa-trends.com, that encourages innovation in FP&A departments.
Author's Articles
In this article, I want to make the case for data-driven planning to describe the 7 key FP&A models that every organisation needs to plan, resource and monitor business performance. From a planning and review perspective, there are 7 key things that management needs to know about its business processes, each of which can be assessed in a range of analytical models.
There is no point on aimlessly analysing data in the hope that something will jump out at you. It won’t and all that you will do is waste vast quantities of time and effort. Like any search, there must be an objective and a plan to reach that objective. This is where a mature approach to analytics comes in. The author reveals a mature approach to data analysis that includes 4 stages.
Too often software evaluations are restricted to features and functions. It’s like evaluating a car by looking at individual components but without seeing if they all work together to meet your needs. So next time you are tempted to view a demonstration, make sure you’re prepared with questions that will help you to assess the true business value of the solution.
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