FP&A team should guide business leaders towards making informed decisions that ensure optimal performance during these difficult times. In doing so, we must harness the power of scenario-based planning. Below are the critical factors and steps in this process.
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Businesses need to adopt and integrate the right technologies while also ensuring senior finance leaders are directing and evolving the Office of Finance to be an essential function of the enterprise. We can refer to this idea as FP&A Maturity.
Traditional planning methods are well known for extracting insights and steering business decisions in short-term and predictable environments. A more dynamic planning model can be achieved by implementing a more integrated approach to connect strategic planning, detailed forecasting, and operational execution.
Installing a planning tool early, regardless of the company's situation, is a good idea despite the investment required. Prioritising the proper criteria based on organisational needs using a checklist of standards will help compare all the different tools on the market to identify what suits the organisation best.
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