Lately, I’ve noticed a significant uptick in the number of connections I have on LinkedIn who now list Strategic Finance as their primary job description.
For organisations looking to get the most out of their Driver based planning and Rolling Forecasting initiatives, it is critical to realise that these terms apply in both Strategic and Tactical planning. Yet the people, processes and technology applied to these two domains are quite unique.
If done correctly, Strategic Finance can represent an immense value-add to your organization while at the same time, reduce the costly time and effort of the Budgeting process. Make a conscious effort to consider these seven essential tips and will see the benefits.
Artificial Intelligence is going to be a highly impactful technology in the coming years. Yet, like most forms of automation, the major benefits are going to be efficiency related. The strategy is a function best suited for the human mind. Of course, technology can play a role, but the only way technology can replace human thinking is if we as humans choose to step aside… and I, for one, am betting on the humans.
As Finance leaders, we can’t expect the business to view Finance as value-added partners if we can’t put a stop to this often-inaccurate stereotype in advance. So where should we start? The answer lies in better communication along with greater transparent and objective measurements that can be easily understood and used by all.
Integrated Business Planning (IBP) is a coordinated approach to planning that is designed to achieve greater alignment between the Strategic, Financial and Operational levels within an organization. Since the birth of Enterprise Performance Management (EPM/CPM), Integrated Business Planning has always been touted as the ultimate “future state” environment that all organizations should aspire to.
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Suppose you were asked to distill down your entire business strategy into a single graph or visualization, how would you choose to show it?
In finance, we’re constantly chasing various financial metrics. But focusing on a narrow set of metrics often causes problems. For example, a Market Share growth strategy sounds great, but it often forces you to discount price or significantly increasing acquisition costs.
As a result, the strategic outcome is often short-lived and can even result in decreased financial performance. What can be done to prevent bad strategy and why are we so surprised each and every time we repeat these same strategic mistakes?
For many organizations, the strategy gap is a major obstacle that systematically prevents businesses from truly maximizing their Strategic Planning efforts and sustainably creating value for their organization.
We live in a world of uncertainty. But in that uncertainty lies a great deal of opportunity for those organisations capable of successfully executing a winning plan.