The New York FP&A Board met on Tuesday, 17 June 2025, convened in the beautiful Michael Page & Page Executive office to explore and discuss the ever-evolving FP&A function, particularly in relation to internal Business Partnering: why it’s important, what actions are needed, and how successful practices are being implemented. 

This event was proudly sponsored by EY in partnership with Michael Page and Page Executive.

Figure 1: New York FP&A Board №14, June 2025

Introduction

The FP&A function in an enterprise operates independently, with inputs and outputs that touch all areas of the company's operations. It is an integral part of the organization’s overall mechanism. Just as every component is connected to others, the FP&A team is linked to the business through internal partnerships.

The discussion focused on how the FP&A department can strengthen partnerships to become a more effective part of this mechanism.

Key Topics (aspects of the FP&A business partnerships) discussed:

•    Evolution of FP&A Business Partnering
•    Transformation Journey: Skillset and Attributes Required 
•    Moving to a Mature FP&A Business Partner State  
•    Practical Examples  
•    Group work  

At the beginning of the meeting, the EY representatives gave a brief intro and engaged the audience in the foundational discussion on what, in their opinion, prevents the FP&A partnership from improvement. 

The answers are summarized as follows:

• (Lack of) data accuracy
• (Lack of) trust
• (Lack of) Knowledge
• Change
• Communication quality
• Bureaucracy
• Data availability
• (Lack of) transparency 

And those answers were not very different from the responses shared across many International FP&A Boards, as shown in the picture below. 

Figure 2

Why do professionals even need to have this discussion about FP&A Business Partnering? Why is it important?

FP&A functions already exist within enterprises and deliver results. Isn’t that enough?

Larysa Melnychuk shared a powerful metaphor, illustrated in the picture below. Both phone models can make calls, which, of course, is their primary function. But it is immediately clear which model is more advanced, more functional, and more preferred by users.

Similarly, an advanced FP&A partnership delivers significantly greater value and impact in supporting a company’s goals compared to a minimal or basic level of engagement.

Figure 3: New York FP&A Board №14, June 2025

However, what does advanced FP&A Business Partnering look like in more technical and professional terms? Figure 4 below provides a glimpse into the dynamics of demand for FP&A partnership, along with a breakdown of time spent on various activities based on the value they create.

Figure 4

While most FP&A Board meetings have one guest speaker, this panel was lucky to have two outstanding presenters. The first one was Milind Karnik.

Some of Milind’s points are mirrored in the slide below.

Figure 5

The audience was extremely engaged, as we can see in the picture below.

Figure 6: New York FP&A Board №14, June 2025

Of course, not less than at the next and exclusive for in-person attenders presentation by “Consumer-Centric FP&A”, the case study shared by Stephane Gaullier, VP Global Brands Finance and Strategy at Estée Lauder.

Figure 7: New York FP&A Board №14, June 2025

Figure 8

Steps 4 and 5 on the chart above can be described by a phrase that one of the participants said: “A Data analyst eats an accountant for breakfast, but not an FP&A professional. Why?

An FP&A professional can tell the story.” It translates as transactional Processor. It's important; actually, it’s a foundation of the FP&A ladder-process, but it will go nowhere without the analysis. And the analysis would be nothing without the ability to influence the actions, which ability is based on storytelling. 

Small Group Discussions

Participants were divided into groups to discuss specific FP&A Business Partnering in Action.

Figure 9: Group work, New York FP&A Board №14, June 2025

Group 1: How can organizations implement a best-in-class FP&A Business Partnering model to move from transactional to strategic? 

A small group explored how organizations can transition FP&A from a transactional role to a strategic business partner. Their discussion focused on key implementation principles:

• Automate Low-Value Activities: Free up capacity by automating transactional and repetitive tasks.
• Build Trust: Establish credibility and consistent communication to strengthen relationships across the organization.
• Develop the Team: Invest in skills development to ensure FP&A professionals are equipped to deliver strategic insights.
• Start Internally: Strengthen internal processes and capabilities before expanding external impact.
• Assess Data Quality: Ensure reliable and accessible data as a foundation for analysis and decision-making.
• Focus on the Business Relationship: Treat internal stakeholders as customers and build strong, service-oriented relationships.
• Drive Alignment: Align FP&A activities with broader organizational goals and strategies.
• Develop a Data & Technology Strategy: Integrate tools and systems that support data-driven decision-making. 

Together, these principles form a roadmap for evolving FP&A into a proactive, insight-driven partner to the business.

Group 2: How can FP&A teams develop the skills and capabilities needed for effective Business Partnering? 

The group discussed strategies for building the skills and capabilities FP&A teams need to become stronger business partners. Key takeaways included:

• Embed FP&A Within the Business: Embedding team members into business units or involving them in day-to-day operations enhances understanding and collaboration.
• Rotation Across the Organization: Internal rotations help FP&A professionals gain a broader view of the business and build stronger cross-functional relationships.
• Strengthen Data Understanding: Establishing a solid baseline understanding of data is critical for meaningful analysis and communication.
• Build Technical Skillsets: Teaching key tools and trends, both cross-functionally within the company and through external training, supports long-term capability development.
• Track Skill Growth: Using KPIs to measure skill development ensures accountability and progress over time.

Group 3: How can FP&A use AI, automation, and technology to focus less on data gathering and more on insights? 

The key points of the group discussion were as follows:

• Define Clear Goals: Establish what it means to be a better business partner and align technology efforts with those goals.
• Assess the Current State: Take inventory of existing tools, data quality, team skills, and current best practices.
• Identify Gaps: Evaluate where the current setup falls short in enabling insight-driven decision-making.
• Prioritize High-Impact Projects: Focus on initiatives that will deliver the greatest value, whether by improving efficiency, enhancing forecasting accuracy, or enabling real-time reporting.
• The overall message: technology should not just streamline processes, but elevate the strategic role of FP&A within the organization.
   

Figure 10: Group work, New York FP&A Board №14, June 2025

Conclusion

The best-in-class FP&A models have many dimensions, many of which are technical. But when they mature into the more mature stages, the FP&A function requires developing partnerships, which means that FP&A is becoming way more than just technical. It’s about influence and storytelling, learning the languages of your audience, and listening to what internal partners say. 

The recent agenda, "From Insight to Impact: FP&A Business Partnering in Action," underscores the evolution of FP&A Business Partnering. It highlights the journey from transactional to strategic roles, emphasizing the necessary skillsets, attributes, and practical examples from industry leaders like Milind Karnik and Stephane Gaullier. The discussions also covered the challenges encountered in FP&A Business Partnering, such as data accuracy, stakeholder alignment, and the integration of modern technology.

The insights gathered from various International FP&A Board chapters across the globe provide a comprehensive view of the current state and future direction of FP&A. The emphasis on AI and Machine Learning, and the importance of storytelling and strategic decision support, reflect the ongoing transformation within the field. 

In conclusion, the International FP&A Board continues to be a beacon for FP&A professionals, fostering collaboration, innovation, and the adoption of best practices. The collective efforts and shared knowledge from these meetings are instrumental in shaping a future where FP&A is not just a support function but a strategic partner driving business success.