In our earlier blogs we have discussed the role of data in your profession, your main benefits from proper managing of data, as well your main concerns about data. In this one I would like to give you a few practical tips on how to ensure getting the ‘right’ data.

The modern FP&A takes an exciting path of transformation to meet the demands of modern business. Changes in the FP&A framework are driven by transformations of analytical procedures in general. At the leading stage of the transformation, all planning processes will be fully integrated, allowing for a multidimensional advanced analytical process. The automation will release a lot of time for strategic analytical work and enhance the decision-making process.

For almost six years now, FP&A Trends Group has been supporting developments and promotion of the best practices in FP&A. In 2019, we would like to continue spreading the word. Today, it is my pleasure to present to you the first issue of FP&A Trends Digest.

In May 2019, the International FP&A Board held the 5th Brussels meeting where 32 senior finance practitioners shared their ideas about what is a new age of Zero Based Budgeting (ZBB).

The 7th Amsterdam FP&A Board was held to discuss and answer questions such as: What is Zero-based budgeting? Who is using it in their day to day practice, and to what extent? What are the benefits and challenges in implementing ZBB?

The democratization of technologies is underway. Tools like machine learning (ML), which were confined to universities, hedge funds or investment banks just until a decade ago, are now finding their way into industry-wide applications. The finance function is set to reap the benefits of this democratization wave.

On the 4th of April, the Stockholm FP&A Board met for the 6th time to discuss what is required for building a winning FP&A team.

There once was a Finance manager who met a fisherman. “Could you please tell me about your life and your work?”, asks the Finance manager. “Well, I am at sea for five months and then I am home for five months”, the fisherman responds. There is a long pause. Our Finance manager is thinking hard. Something is wrong; five plus five is only ten! ”So what are you doing in the two last months?”.

The Hong Kong FP&A Board will meet on the 25th of July 2019 for the second time. The professional debate will be devoted to the subject of FP&A Analytical Transformation. 

Defining what Financial planning and analysis (FP&A) does has always been challenging. Most people place FP&A in the Office of the CFO, which makes sense, for many of us have certainly played the role of CFO a time or two. Still, as business partners, strategists and advisors, that is also not necessarily a perfect fit. This categorisation may change as our roles continue to expand to become the central hub of corporate analytics and reporting.