On February 13, 2024, the International FP&A Board met for the eleventh time in Dubai, uniting 34 finance leaders from various companies such as Unilever, Siemens, Kimberly Clark, HMD Global, UPS, Hitachi Energy, Procter and Gamble, Dubizzle Group, Cognizant to discuss the challenges and latest trends in FP&A Storytelling in a data-driven world.
Figure 1: Dubai FP&A Board №11, February 2024
The event was kicked off by Larysa Melnychuk, CEO of FP&A Trends Group, who introduced the agenda. The event was sponsored by Jedox in partnership with Michael Page.
At the start of the meeting, the participants shared their insights on critical factors for successful FP&A Storytelling: agility, cross-functional collaboration, accessibility, Change Management and technology, underscoring the multifaced nature of effective storytelling in FP&A.
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The opening quote from the illustration above sparked discussions on the role of Storytelling with data as a differentiator for FP&A professionals in the face of technological advancements. Acknowledging the importance of Artificial Intelligence (AI), the attendees also emphasised the irreplaceable human factor in decision-making processes.
Emerging Trends and Challenges in FP&A Storytelling
The participants discussed emerging trends, including the transition from a data-driven to a data-informed approach and the essential soft skills required for successful Business Partnering. Moreover, they identified a pressing challenge confronting FP&A teams: how to focus on value-adding tasks and reduce the time spent on low-value activities such as data collection and validation?
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To address this challenge, the Dubai FP&A Board members explored strategies like leveraging Artificial Intelligence (AI)/Machine Learning (ML) and automation, as well as enhancing Business Partnering and Change Management capabilities. The necessity of making FP&A roles more attractive to the new generation was also highlighted. This entails offering opportunities for skill development, career advancement, and meaningful contributions to strategic decision-making processes.
Three Blocks of Compelling FP&A Storytelling
This session touched upon the three essential blocks of FP&A Storytelling: data, visuals, and narrative. The attendees deep-dived into each of them and underscored the cruciality of delivering a clear narrative to drive actions among stakeholders, aided by easy-to-understand visuals and backed up by credible and accurate data.
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The Impact of Storytelling on FP&A
Shady Nassour, Regional Finance Director at IDP Education, delivered a compelling presentation on the significance of storytelling in FP&A. With a focus on translating data into actionable insights, Shady underscored the importance of moving beyond raw numbers to provide context and relevance to financial information. Drawing from his extensive experience, Shady emphasised the transformative power of storytelling techniques in enhancing the role of FP&A professionals as strategic partners within their organisations.
Furthermore, Shady encouraged attendees to embrace storytelling practices in their communication and analysis approaches, emphasising the impact of compelling narratives on decision-making processes. By weaving together data-driven insights with engaging stories, FP&A professionals can effectively influence stakeholders and drive positive outcomes for their organisations.
Following Shady's presentation, attendees reflected on storytelling’s cultural aspect and its role in inspiring optimism and fostering collaboration within FP&A teams.
His session concluded with a renewed sense of enthusiasm and a commitment to integrate storytelling techniques into FP&A practices moving forward.
Three Building Blocks of FP&A Storytelling: Group Work
In small groups, participants discussed the three building blocks of FP&A Storytelling: Narrative, Visuals, and Data.
Narrative
The group emphasised the importance of a narrative comprising facts, understanding the "why" behind the numbers, and developing actionable plans with the required granularity to implement effective solutions. Tailoring the narrative to the audience's needs and preferences was also highlighted.
Figure 5: Group Work, Dubai FP&A Board №11, February 2024
Visuals
Tailoring presentation style, design, colours, and terminology to align with the preferences of the audience emerged as a critical success factor. The participants also highlighted the importance of simplifying complex topics and effectively capturing the audience's attention.
Data
The forum emphasised the importance of data quality and accuracy in enhancing trust and credibility within FP&A Storytelling. Furthermore, robust data governance frameworks were highlighted as essentials for ensuring consistency and reliability. In addition, the participants recognised the necessity of leveraging systems and technology such as ERP systems to integrate data effectively, thereby strengthening the impact of FP&A teams.
Figure 6: Group Work, Dubai FP&A Board №11, February 2024
Networking and Conclusion
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We also explored the 7 steps for effective FP&A Storytelling, starting from knowing the audience and finishing with delivering a concise, engaging story.
The event provided a valuable opportunity for participants to engage in networking sessions, exchange insights, and build meaningful professional relationships.
Looking ahead, the participants are committed to embracing innovation, collaboration, and continuous learning to elevate the best practices of FP&A Storytelling and shape the future of Financial Planning and Analysis.
