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Essentials of Telling an Impactful Story: Boston FP&A Board
June 15, 2023
FP&A Tags
FP&A Board Meetings Insights

The ongoing journey of the International FP&A Board continued in Boston, which became the last destination before a short pause for holidays. However, this meeting was particularly special, as it was only the second city in our series of post-pandemic discussions where we focused on the essentials of effective FP&A Storytelling.

Boston-FPA-Board-June-2023-1

Figure 1: Boston FP&A Board Members (June 2023)

Boston took the baton for this series of discussions after the first event dedicated to this topic in London. A beautiful Spaces State Street venue welcomed 27 senior finance leaders eager to exchange their insights with like-minded professionals and explore the crucial elements of compelling storytelling with data. We had the pleasure of meeting with representatives of such companies as:

  • AstraZeneca,
  • Novartis,
  • International Rescue Committee,
  • SANOFI,
  • BIOGEN,
  • MBTA,
  • PTC, Inc.,
  • Avery Dennison,
  • Schneider Electric,
  • Noble,
  • and many others.

Larysa Melnychuk, the founder and CEO of FP&A Trends Group and the International FP&A Board, chaired the forum. The agenda of the meeting featured the following items:

  • FP&A Storytelling: latest trends and developments
  • The winning formula of FP&A Storytelling:
  1. Building the narrative,
  2. Visualizing the data,
  3. Leveraging technology.
  • Addressing Challenges in FP&A Storytelling: Resistance of the commercial team to Accept the Story, presented by Maryam Pazouki, Associate Director BPA at Novartis Institutes for BioMedical Research
  • Small groups work
  • Conclusions and recommendations


What is the Winning Formula for FP&A Storytelling?

The Boston FP&A Board Members started the discussion with insights on three crucial components of FP&A Storytelling, outlined in the picture below.

Boston-FPA-Board-June-2023-2

Figure 2: Narrative, Data and Visuals Are Three Essential Components of a Story

Following the agenda, the event attendees deep-dived into the prerequisites for crafting a persuading narrative. The importance of relevant visual aids and proper data was also under the lens of the Boston FP&A Board Members.

After Larysa's input on the topic, the think-tank reached a consensus on the winning formula for FP&A storytelling, shown in the illustration below.

Boston-FPA-Board-June-2023-3

Figure 3: A Good Story Always Needs Bringing Your Passion

The audience also shared their thoughts on crucial components enabling effective and impactful storytelling. The most frequently cited ones were as follows:

  • Knowing the business,
  • Having clear data,
  • Knowing the audience,
  • Understanding the context,
  • Consistency.

Boston-FPA-Board-June-2023-4

Figure 4: Maryam Pazouki Shares Her Insights with the Boston FP&A Board (June 2023)

After discussing the above, the forum welcomed Maryam Pazouki of NIBR to highlight her case study on the commercial team's resistance to accepting the story.

The most important highlights of her presentation included several practical steps designed to help overcome resistance among your FP&A team. To ensure that everything went smoothly, Maryam suggested the following:

  • Focus on education and communication,
  • Create a transparent validation process for communicating performance,
  • Develop a collaborative approach,
  • Highlight human expertise,
  • Encourage a culture of continuous learning and upskilling.

Boston-FPA-Board-June-2023-5

Figure 5: 4 Essential Components for Involving the Commercial Team According to Maryam Pazouki

Maryam also emphasized the importance of involving a commercial team and communicating with data scientists. According to her, there are four crucial components for making your story effective. In addition, FP&A professionals can leverage AI to drive accurate forecasts and compelling storytelling.


Group Work

Boston-FPA-Board-June-2023-6

Figure 6: Group Work During the Boston FP&A Board (June 2023)

The next point on the agenda was dedicated to group work. The attendees were split into three groups to discuss the following:

  • Group 1 - Narrative: How can we create a clear, engaging narrative tailored to our audience?
  • Group 2 - Visuals: How can we design impactful, comprehensible visuals for our story?
  • Group 3 - Data: How can we effectively identify and analyse relevant data for our narrative?

Boston-FPA-Board-June-2023-7

Figure 7: Group Work During the Boston FP&A Board (June 2023)

Some of the most relevant insights the Boston FP&A Board Members voiced were as follows:

  • Making your visuals consistent and easy to follow,
  • Ensure you have clear and transparent, good-quality data,
  • Use your data in the corresponding business context,
  • Use key data for supporting key messages,
  • Have a strong business acumen to make your story insightful.


Conclusions and Recommendations

The meeting was rounded up by conclusions and recommendations for finance practitioners on making a story compelling.

Boston-FPA-Board-June-2023-8

Figure 8: 7 Steps for Making Your Story Impactful
 

Later the participants had an opportunity to exchange their opinions in an informal atmosphere during networking after the event.

We are grateful to think-cell for sponsoring this event. We also express our sincerest gratitude to IWG for hosting the Boston FP&A Board meeting in June and to CFGI for their tremendous help.

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