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The Launch of the Munich Board: Newest Developments in FP&A
May 16, 2023
FP&A Tags
FP&A Board Meetings Insights

Introduction

The International FP&A Board continues its expansion with the successful launch of its 30th chapter in Munich on the 16th of May, 2023. Larysa Melnychuk, CEO of the think tank and founder of FP&A Trends Group, led an insightful discussion focusing on the latest trends and developments in modern FP&A.

Munich-FPA-Board-May-2023-1

Figure 1: The 1st Munich FP&A Board (May 2023)

A prominent venue, Spaces Werksviertel, welcomed senior finance professionals from global and local organisations, including Amazon, Siemens, Linde, Lear Corporation, Qualcomm, sennder Technologies, VMware, FINN, KUKA AG, and others.

The meeting agenda encompassed the following topics:

  1. Modern FP&A: key concepts and definitions
  2. Interactive discussion on the latest trends in FP&A
  3. Integrated FP&A in the Scale-Up World, presented by Prodromos Siapkas, Global Head of FP&A and Treasury at sennder Technologies
  4. Finance at Amazon, presented by Katrin Kleiser, Chief Financial Officer at Amazon
  5. FP&A Board Maturity Model
  6. Small group work
  7. Conclusions and recommendations

Key Trends Shaping FP&A

Participants shared their insights on the most significant trends currently influencing the field of Financial Planning and Analysis (FP&A). The following trends were frequently cited:

  1. Artificial Intelligence (AI)
  2. Integrated FP&A
  3. Business Partnering/FP&A Teams
  4. Digitisation
  5. Extended Planning and Analysis (xP&A)
  6. Scenario Planning
  7. Predictive Analytics

Larysa introduced the Uncertainty Cone concept and explained why traditional planning methods are ineffective in disruptive environments.

A move towards Extended Planning and Analysis (xP&A) was another hot topic. This multi-dimensional approach presupposes going beyond finance and aligning three organisational planning processes.

Attendees also touched on building best-in-class FP&A teams and critical FP&A roles required to drive organisational success.

Before deep-diving into the case studies from our speakers, the event participants shared their thoughts on another important topic: the digitalisation of FP&A. The audience agreed that digital FP&A might bring speed, agility and exceptional granularity to routine FP&A tasks.

Integrated FP&A at sennder: Long Way to the Top

Munich-FPA-Board-May-2023-2

Figure 2: Prodromos Siapkas shares his insights during the inaugural Munich FP&A Board (May 2023)

Prodromos Siapkas, Finance Director, Global FP&A and Treasury at sennder Technologies, shared his insights on Integrated FP&A in the scale-up world. As per his point, the journey towards integration is quite long, and it will require the following:

  • implementing technologies;
  • establishing processes;
  • and developing a mindset.

He also pointed out that implementing technology will require establishing a single source of truth and ensuring data integrity. Ensuring alignment and promoting collaboration between different business branches are crucial for success.

Prodromos rounded up his speech with his thoughts on the role of people, as they are vital in reaching the company's goals. He believes that upskilling, structuring the team, and building trust with stakeholders is essential to a journey towards Integrated FP&A.

Insights from Amazon's Finance

Munich-FPA-Board-May-2023-3

Figure 3: Katrin Kleiser tells about FP&A at Amazon

Katrin Kleiser, CFO of Germany at Amazon, shared the presentation on finance at Amazon. She shared the five fundamental principles they rely on in their FP&A processes.

  • Customer obsession rather than competitor focus;
  • Passion for invention;
  • Willingness to fail – learn and stay curious;
  • Commitment to operational excellence;
  • Long-term thinking.

She also highlighted that they strive for operational excellence in their FP&A, and thus they utilise Machine Learning and extrapolation tools in their planning. In addition, she also emphasised that customer obsession and passion for the invention are core parts of different business teams. Finally, she elaborated on long-term thinking, as they focused on long-term cash flows instead of short-term gains.

Small Groups Work and Networking

Munich-FPA-Board-May-2023-4

Figure 4: Group work during the inaugural Munich FP&A Board

Before the session ended, the participants were split into three groups to discuss the following questions:

  • How to move from traditional planning to Scenario Management?
  • What are the practical steps in implementing xP&A?
  • How can organisations prepare themselves for successful analytical transformation?

The inaugural Munich FP&A Board was concluded by networking, where the new International FP&A Board members had an opportunity to share their thoughts and insights.

We are grateful to Pigment for sponsoring this event and IWG for hosting it in their venue.

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