FP&A Trends Digest: Issue #84
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Issue #84 - 18 March 2023
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Dear colleagues,
“Out with the old and in with the new,” the classic idiom says. Experience tells us that upgrading systems and implementing the right technology is far from being so straight-forward.
Although technology has shaped our lives and broadened our horizons more than we could have imagined in recent years, barriers to implementing it continue to challenge us in the FP&A profession. Justifying the cost and getting the necessary buy-in can sometimes seem like an impossible task. And yet we know that relying on familiar tried-and-trusted solutions can only get us so far in today’s dynamic and rapidly evolving world.
According to the latest FP&A Trends Survey, even though the technology is very much a key enabler of Financial Planning and Analysis activities, there are two major problems faced in today’s challenging climate for business:
- 36% of FP&A practitioners surveyed said that it was difficult to justify the ROI on FP&A technology against shorter-term sales and marketing activities. This was the number one obstacle they identified in management today.
- Many respondents reported contending with the view that FP&A was not considered a strategic investment area within their company (27%).
As we face these challenges and more, being equipped with the right know-how and arguments has never been more important.
In this latest digest you will find practical tips and words of encouragement as you seek to find the right FP&A tools for you and your company, and with them, bring about the necessary change for long-term growth. I hope you find it useful.
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When it comes to evaluating software solutions, analyst reports are the best tool to look at. Read the 2022 Gartner® Magic Quadrant™ for Financial Planning Solutions to get an up-to-date overview of the best financial planning software vendors.
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Our sixth annual FP&A Trends Survey provides invaluable insights on the challenges and trends shaping FP&A today, and the indelible impact the pandemic has had on the business world. Read on to find out how, according to the survey’s findings, technology is propelling FP&A roles forward to increasingly strategic positions.
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By Michael Coveney
Are your FP&A team on the same page when it comes to the technology-driven age? While most FP&A professionals still use spreadsheets, it is evident that this approach has weaknesses and don’t make the cut when compared with more modern solutions. More sophisticated tools for analytics are replacing outdated ones, and databases are no longer what they once were. The Head of Research at the FP&A Trends Group considers the evolution of the database in this article. Explore, with him, the differences between SQL and NoSQL database types, and the selling points and drawbacks of each.
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By Paolo Guerrieri
How do modern FP&A teams empower organisational governance, underlying a rich collaborative exchange of words, data and information? Read this article to discover how technology has changed the way FP&A teams meet and navigate a challenging landscape. Workflows and collaborative platforms are the way forward when it comes to leaving behind the liturgy of a rigid calendar.
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By Kevin Phillips
While technology has been a saviour for many in recent years, allowing us to continue to work and grow when none of us thought it possible, recent experience tells us that the world’s love affair with technology might be coming to an end. Struggling to justify the ROI on FP&A technology and getting the strategic buy-in needed are two of the major challenges FP&A professionals face today. So how can we encourage our companies to take the long-term view? Read on for practical tips for developing a smart and optimistic strategy.
For more resources on FP&A Technology, please click here.
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As you’ve seen in this digest, the FP&A Trends survey plays an important role in identifying the biggest trends and challenges in FP&A today so that professionals can be equipped to face them. And that can only happen with your help.
Take a few moments to share your thoughts and experiences, and complete this important international survey. Your contributions will help us to create a detailed picture of FP&A and its evolution across the world. Completing the survey takes just 10-12 minutes, and entitles you to be among the first receiving our comprehensive 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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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.
FP&A function has become more strategic and influential over time, guiding organisational performance and supporting the decision-making process. However, there are still many challenges faced by FP&A in turbulent times that can reduce its effectiveness.
Register for this webinar to find out how to overcome and harness benefits from these upheavals, improving the effectiveness of your FP&A function.
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