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.
FP&A Insights
FP&A Insights is a collection of useful case studies from leading international companies and thought leadership insights from FP&A experts. We aim to help you keep track of the best practices in modern FP&A, recognise changes in the ever-evolving world of financial planning and analysis and be well equipped to deal with them.
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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:
The dusk of Management Taylorism is the dawn for the strategic CxO. Constant cooperation, communication and deep business process knowledge are the answer to digitalization, data lakes and disruptive threats. The opportunity for Finance is to extend resource allocation and financial planning towards becoming the trusted strategic advisor beyond the mere financials. How can FP&A support this achievement?
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