FP&A Trends Digest: Issue #83
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Issue #83 - 04 March 2023
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Dear colleagues,
BUPA’s former CEO International Markets, Simeon Preston, once famously said that “the biggest part of our Digital Transformation is changing the way that we think.”
We know that today technology and transformation are inextricably linked, and that technology is a key driver for revolutionising FP&A. But technology alone isn’t enough to bring about the desired change. Successful implementation of new systems requires flexibility and an ability to ask the right questions, pairing needs and challenges with the right tools to address them.
The findings of the 2022 FP&A Trends Survey indicate that the number of people identifying the need to think differently is growing, with the number of respondents reporting use of cloud planning software increasing steadily, and 30% of high performing teams already using cloud-based solutions.
Whether you’re looking to implement a new forecasting tool or harness the benefits of AI and ML, making a change and tackling seemingly complex implementation plans can seem daunting when it comes to implementing new FP&A technology. But it doesn’t have to be!
In this digest, you will find helpful insights to see you through from preparing the terrain and streamlining your implementation through to reaping rich rewards.
Read on to find out more!
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Over 50% percent of CFOs are considering setting up or changing their FP&A software in 2023. If you’re looking to make a change, but worried about the implementation process taking forever, check out this Definitive Guide to FP&A Software Implementation. Getting started with a new platform doesn’t have to be a pain - find out how you can expedite the process and create a foundation for long-term success.
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By John Sanchez
Modern FP&A professionals have technology at their disposal to deal effectively with current issues. But what questions do you need to ask yourself before starting to use any of the tools available on the market? Is it possible that there’s software in your company that you are not aware of? And why is Excel similar to a Swiss Army knife? Find out the answers to these key questions and more in this article.
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By Thorsteinn Siglaugsson
Implementing a new planning and forecasting system requires so much more than “copying and pasting” from the old to the new. It requires careful consideration of budgeting objectives, and a thorough understanding of how the business works. Read on for this comprehensive guide for implementing a new solution, from planning to completion.
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By Michael Coveney
When it comes to Corporate Performance Management software, it can be hard to find “one size that fits all”, with many projects supporting aspects but falling short when it comes to a comprehensive, integrated solution. In this article, our Head of Research points out the key things to look for when it comes to the solution’s data model, structure, functionality, reporting and audit capabilities, and much more.
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Today, the topic of AI and ML is becoming more mainstream, but there is still confusion as to what exactly AI and ML represent, and whether or not these systems have the ability to transform organisations. With this in mind, we commissioned a more in-depth research project to delve deeper into its current usage, value generated and potential for a future role within FP&A. The research involves representatives from organisations using or implementing AI and ML solutions, recognised thought leaders, and business professors within academia.
For more resources on FP&A Technology, please click here.
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Every year we lead an initiative to support FP&A professionals across the world in navigating uncertainty by defining current trends and developments that lie ahead. Your participation in this project is essential, and will help us create a detailed snapshot of FP&A across the globe.
І invite you to take part in this crucial global survey. Answering the questions takes just 10-12 minutes, and in return, you will be among the first to receive our comprehensive survey report in July 2023.
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FP&A Trends Digital Events
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FP&A Trends digital events are vendor-agnostic and complimentary. If you are not able to join the live session, you can register to receive the recording later.
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Predictive technology is viewed as being a vital management tool for making sense of past performance and for providing guidance into the future. However, there are still many questions and misconceptions. What will it bring to FP&A and the decision-making process? How can we possibly trust machine-made predictions? How can predictive analytics help to harmonise strategic, financial and operational plans?
Register for this webinar to find out answers to these questions and more. We will look at how predictive technology can be used to make planning a faster, more accurate and agile process, that spans the entire organisation.
At this time of advanced analytics, flexible dashboarding and effective data visualization, FP&A storytelling has become both an art and a science. How can we apply analytics, visualization and dashboarding to FP&A Storytelling to enhance the fact-based decision-making process?
Join us at this webinar to explore the winning formula for FP&A Storytelling. Our expert speakers will provide practical tips and examples, showing you how to craft narratives that resonate with your audience and make a lasting impact.
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