A couple of weeks ago I joined the meeting of the Amsterdam FP&A Board where we discussed the subject of the FP&A analytical transformation. In the course of the meeting the participants mentioned their current main concerns, some of which such as Data ownership, Data quality, and Business Glossary (‘Speaking the same language’). This surprised me.
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It is difficult to think of another business process that is as universally detested as annual budgeting. The list of complaints will be familiar to anyone who has run a budget process or has been subjected to one…and that probably means everyone reading this article.
For progressive and competitive organizations of all sizes, accessing smarter, leaner and faster information to drive a successful business strategy can only be achieved with real-time insights into their customer’s needs and buying behaviours.
Heuristics are rules of thumb. Psychologist Gerd Gigerenzer believes heuristics are a necessary part of an individual’s decision making process. Heuristics can be used in FP&A as a way to make decisions about how organizations earn revenues and incur expenses. Here is a heuristic that I use to make decisions about how organizations earn revenues:
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