The International FP&A Board continues to explore how to build synergistic FP&A teams. The Stockholm FP&A Board gathered for the tenth time on the 18th of April, 2024.
This time, 31 finance practitioners and thought leaders met in beautiful Spaces Lilla Nygatan to discuss the five essential FP&A team roles. Finance leaders from Assa Abloy, SEB, Transdev Sverige, TUI, CGI, Vattenfall AB, Dyson, Linde Gas Sweden AB, Perrigo, Elekta and many other companies attended this meeting.
Figure 1: Stockholm FP&A Board №10, April 2024
OneStream sponsored this event in partnership with IWG and InHouse.
In this article, we are recollecting the highlights from the insightful session and glimpse at the most important takeaways from Group Work.
What Skills Need to Be Developed by FP&A Professionals?
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The meeting began with the introductions from the participants. Everyone was asked to elaborate on the most vital skills for modern FP&A professionals. Storytelling, communication skills and curiosity were mentioned most frequently, and these insights aligned with the thoughts shared by International FP&A Board members previously. Stockholm FP&A Board members also emphasised the importance of continuous learning, understanding the big picture and attitude.
How Can We Build Synergistic FP&A Teams?
On discussing the crucial skills for modern finance professionals, the forum transitioned to the main items on the agenda, namely the essential FP&A Team Roles. Larysa Melnychuk, the discussion facilitator, presented the information about the five key FP&A team roles to the audience. These encompass three technical roles, such as FP&A Analyst, FP&A Architect, and FP&A Data Scientist, and two "soft" ones, such as FP&A Storyteller and Influencer. In addition to it, the Stockholm FP&A Board members also learned about two emerging roles - FP&A Connector and FP&A Interpreter.
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A guide on building crucial capabilities within your team became a hot topic during this Stockholm FP&A Board meeting. We can streamline developing the best-in-class FP&A teams by utilising the "Build, Buy, and Borrow" model, suggested by Scott Campbell, Head of Digital COE - Finance/FP&A at Philips and Amsterdam FP&A Board Member. According to him, building core capabilities within a multi-functional FP&A team is possible due to training, hiring dedicated experts like Data Scientists ("buying"), and "borrowing" experts from business collaboration. These practical tips can help you develop a multi-disciplinary FP&A team within your business.
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The attendees also touched upon the FP&A Trends Maturity Model and deep-dived into the "Skills and Capabilities" component to better understand how to streamline the transition to the leading state of FP&A Maturity. Right after it, Carl Stiller, Interim CFO at Transdev Sverige AB and Stockholm FP&A Board Ambassador, shared his experience in building world-class FP&A teams.
Figure 5: Carl Stiller shares his insights at the Stockholm FP&A Board №10, April 2024
Group Work Practical Insights
An insightful session came to a close, and the Stockholm FP&A Board members were asked to suggest practical steps for building a leading FP&A team. The forum was split into three groups, each of which had to discuss a particular aspect of FP&A team building, namely:
- Leadership
- Functional Skills
- Business Partnering
Figure 6: Group Work at the Stockholm FP&A Board №10, April 2024
Numerous insights were heard during the meeting, but we would like to share the most interesting ones from each group.
Leadership:
- Explain the wins of being data-driven and understanding data
- Communicate the strategy of the company
- Prioritise the change by management and have a vision for it
- Understand what is important to business
Functional Skills:
- Challenge "old school" leaders
- Share resources
- Use internal rotations
- Develop the function/role of an FP&A Architect
Business Partnering:
- Identify stakeholders
- Gain trust
- Connect the dots
- Have common goals
- Provide business insights
Figure 7: Group Work at the Stockholm FP&A Board №10, April 2024
The discussions rounded up with vital and informal networking. The participants enjoyed the session and exchanged insights with like-minded peers over the light meals and drinks.
