Figure 1: Dubai FP&A Board №10, November 2023
Another gathering of seasoned finance professionals took place on 21 November 2023 at the beautiful H Hotel Dubai. Jedox sponsored this meeting in partnership with Michael Page. This Dubai FP&A Board was focused on the in-depth discussions centred around the pivotal theme - "Five Critical Roles for Building a World-Class FP&A Team." Attendees representing different companies, including Dubizzle Group, Mars, Uber, ACWA Power, Honeywell, IQVIA, Cognizant, Crayon, Noon, and others, gathered at this meeting.
Introduction: Setting the Stage
Kicking off the meeting, Larysa Melnychuk, CEO of FP&A Trends Group, commenced with a comprehensive overview of the group's ongoing projects and initiatives. After that, the attendees got to know each other. The emphasis was put on the pivotal skills the Dubai FP&A Board members consider crucial for modern FP&A professionals. The following ones caught the most attention:
- Business Partnering
- Agility
- Adaptability
- Storytelling
- Business Acumen
- Change Management
Key FP&A Trends: A Deep Dive into the Financial Landscape
The discussion turned to identifying and analysing the key trends shaping the financial landscape. Seven prominent topics emerged from the deliberations, each influencing today’s corporate Financial Planning and Analysis (FP&A):
- Scenario Management: Assessing diverse potential future scenarios.
- Integrated FP&A (xP&A): this approach presupposes the integration of top-down and bottom-up FP&A activities.
- Inside Analytics 2.0 (Prescriptive): Embracing advancements in analytics tools and methodologies.
- FP&A Technology 2.0 (AI/ML): The integration of cutting-edge technologies, including Artificial Intelligence/Machine Learning (AI/ML).
- Value: Placing a premium on understanding and delivering tangible value.
- T-Shaped FP&A Professionals: A paradigm shift towards specialisation within specific roles.
- ESG for FP&A (Sustainability): Integrating environmental, social, and governance considerations in financial planning.
Figure 2
The in-depth exploration of the T-shaped FP&A Professionals provided a glimpse into the evolving expectations within the field. The shift towards specialisation in one or two roles while maintaining a generalist approach in others underscored the dynamic nature of FP&A roles.
Optimising Time Allocation for Value Generation
Figure 3
As per the 2023 FP&A Trends Survey insights, FP&A teams still spend as much as 45% of their time on low-value activities. Discussions pivoted around strategies to further optimise time allocation for FP&A teams. The attendees shared insights on how to enhance the focus on high-value endeavours, driving the imperative of efficiency in the modern FP&A landscape.
The Impact of Artificial Intelligence on FP&A: A Spectrum of Perspectives
A significant chunk of the meeting’s time was dedicated to the unravelling impact of AI on FP&A roles. Divergent viewpoints emerged, depicting the complex relationship between technology and human expertise. While some asserted the resilience of roles such as storyteller and influencer in the face of AI, others contemplated the potential automation of even “soft” roles given the advancements in AI development. This dialogue epitomised the complex interplay between technology and human ingenuity in shaping the future of FP&A.
Essential FP&A Team Roles: Blueprint for Excellence
The heart of the meeting was devoted to an extensive exploration of the five critical FP&A team roles, each representing a pillar in the construction of a world-class finance department.
Figure 4
FP&A Analyst
The classical role responsible for analysis, reporting, and oversight of planning and forecasting processes.
FP&A Data Scientist
Bridging the realms of finance and data science, wielding predictive technologies, and mastering data management.
FP&A Architect
The linchpin between finance and IT, tasked with system architecture, harmonising planning processes, and developing analytic models.
FP&A Storyteller
Crafting compelling narratives and visualisations to convey insights and drive informed decision-making.
FP&A Influencer
Mastering the art of influencing without authority, leveraging expertise to achieve organisational goals.
In addition to these core roles, the forum also touched upon the emergence of two roles, signalling the evolving dynamics within FP&A teams. The first role is an FP&A Interpreter, positioned between analysts and business, and the second is an FP&A Connector, serving as the link connecting disparate elements across departments.
Industry Expertise in Focus
Figure 5: Jan Korab shares his insights at Dubai FP&A Board №10, November 2023
Jan Korab, Group FP&A Director at Dubizzle Group, shared his practical insights about building an FP&A team. His experience highlighted key steps, including trust-building, talent acquisition, cultural alignment, and a phased approach to storytelling. He also outlined several challenges associated with managing multiple systems and data sources.
FP&A Maturity Model: Tailoring Strategies for Organisational Success
Figure 6: Soft Dimensions of the FP&A Trends Maturity Model
The meeting further explored the FP&A Trends Maturity Model, emphasising that team requirements evolve based on a company's maturity stage. The discussion underscored the need for flexibility and adaptability in navigating diverse business landscapes.
Figure 7: Hard Dimensions of the FP&A Trends Maturity Model
Practical Steps Unveiled: Group Work
Figure 8: Group Work, Dubai FP&A Board №10, November 2023
In an interactive session, attendees were divided into three smaller workgroups for a 20-minute brainstorming. The objective was to identify practical steps in building a modern FP&A team, focusing on leadership, functional skills, and Business Partnering. The vivid discussions provided pragmatic insights into the collaborative approach required for success, ensuring that the theoretical discussions could be translated into actionable strategies.
Networking Session: Cementing Connections in the FP&A Community
Figure 9: Networking, Dubai FP&A Board №10, November 2023
The Dubai FP&A Board meeting concluded with a networking session, offering professionals a valuable opportunity to connect, share insights, and foster collaboration. In summary, the event proved to be more than a platform for knowledge sharing; it was a collaborative space that deepened understanding and forged connections within the ever-evolving FP&A landscape.
Conclusion: A Strategic Compass for FP&A Excellence
In conclusion, the Dubai FP&A Board on November 21, 2023, emerged not just as a gathering of professionals but as a strategic think tank, delving into the intricacies of modern Financial Planning and Analysis. The insights gleaned from discussions on trends, AI impact, team roles, and practical strategies form a strategic compass for professionals navigating the complex landscape of FP&A. As the financial industry continues to evolve, these insights will serve as a guide, propelling the FP&A community towards continued excellence and innovation. The meeting reinforced the pivotal role of FP&A professionals as architects of financial strategies, equipped to navigate the ever-changing currents of the financial world with strategic foresight and adaptability.
