On October 24, 2023, the Seattle FP&A Board met for its ninth gathering, bringing together FP&A professionals from various companies, such as Amazon, Microsoft, Adobe, Credit Suisse, Seagen, Wargaming USA, University of Seattle, and many others, to delve into the intricacies of FP&A Storytelling within a data-driven landscape.
Figure 1: Seattle FP&A Board №9, October 2023
Sponsored by Pigment in partnership with the IWG and Seattle Search Group, the event focused on the crucial role that storytelling plays in the realm of Financial Planning and Analysis (FP&A), especially in an era characterized by data abundance and complexity.
Demystifying FP&A Storytelling in a Data-Driven Landscape
The meeting kicked off with a collective exploration of the challenges associated with data-driven FP&A Storytelling. Attendees, representing diverse industries, engaged in candid discussions about the following key aspects:
- Data Abundance
- Data Quality
- Visuals for your storytelling
- Narrative Craftsmanship
- Alignment with Business Strategy
- Data Ethics and Privacy
In summary, the FP&A community acknowledged the immense potential of data-driven storytelling and the associated challenges we may face when leveraging it. Following the meeting agenda, the Seattle FP&A Board Members explored the crucial components of building an impactful story.
The Essentials of Crafting an FP&A Story
Figure 2
The discussion facilitator introduced the three building blocks of FP&A Storytelling, and on discussing their importance, the forum transitioned to the in-depth exploration of a winning formula for FP&A Storytelling.
Figure 3
The core of the discussion revolved around the principles of FP&A Storytelling in the digital age. FP&A professionals emphasized that storytelling goes beyond presenting numbers; it involves conveying insights that drive action. Key elements included:
Defining Your Audience
Understanding the audience and tailoring the narrative to their needs is a surefire way to drive stakeholder engagement.
Narrative Structure
Crafting a coherent and compelling narrative that resonates with stakeholders is a second component of a successful story. The FP&A Board Members also noted that we have to extract meaningful insights from data and translate them into actionable narratives. To help us present our data, we should use data visualization tools to make complex information digestible.
Adding Credibility and Bringing Your Passion
Making sure to present credible data, as well as bringing your passion, are critical considerations for making your FP&A story good, actionable and easy to understand.
Group Work, Networking and Conclusions
Figure 4: Group Work at Seattle FP&A Board №9, October 2023
In the spirit of collaboration, attendees participated in heated discussions in small groups that focused on the practical aspects of FP&A Storytelling:
- Narrative: How can we create a clear, engaging narrative tailored to our audience?
- Visuals: How can we design impactful, comprehensible visuals for our story?
- Data: How can we effectively identify and analyze relevant data for our narrative?
Key insights from the first section included the following:
- Tailoring a narrative to the audience’s needs is a must for success,
- Consistency can help engage even non-financial stakeholders,
- Before getting ready to tell our story, we also have to factor in a company’s culture.
The second group concluded that models should be connected to relevant data. According to this group, we have to understand what data we have before presenting it in a story. In order to be credible and share valuable insights, we must find the “right” data and understand what drives our business.
Finally, the People and Culture aspect was also a hot topic. Equipped with business understanding, we can take responsibility for sharing accurate insights in a timely manner with our colleagues. The observe, orient, decide and act (OODA) framework can be a good ally in your corporate tactics for FP&A Storytelling.
Figure 5: Group Work at Seattle FP&A Board №9, October 2023
The Seattle FP&A Board Meeting concluded with a networking session, allowing attendees to exchange insights, build connections, and reflect on the day's learnings. The atmosphere was one of shared enthusiasm and a commitment to advancing the art of FP&A Storytelling in a data-driven world.
In summary, the Seattle FP&A Board Meeting №9 shed light on the importance of mastering FP&A Storytelling within a data-rich environment. Attendees left the event equipped with a deeper understanding of how to harness the power of data-driven narratives to drive decision-making and create a positive impact within their organizations. As the world continues to embrace data-driven practices, FP&A professionals are well-positioned to lead the way by weaving meaningful stories from the wealth of data at their disposal.
