Dear colleagues,

“Every company has big data in its future, and every company will eventually be in the data business.” – Thomas H. Davenport, American academic and author.

As I travel around the world, meeting senior finance professionals from various industries and organisations at our International FP&A Board meetings, we consistently discuss and define the latest trends and developments in FP&A. Among the topics that come up frequently, data management stands out as a significant concern, and not without reason.

According to our annual FP&A Trends Group Survey, only 51% of respondents base each or a large proportion of their decisions on data. Simultaneously, many companies face other data-related issues:

• only 20% have a single data source;
• 33% struggle with multiple data definitions.

This means that we have to overcome many obstacles to foster a data-driven culture in our organisations. That is why let us keep on exploring the subject of Data-Driven FP&A in this digest issue.

I welcome you to find more insights on fuelling your decision-making process with that new kind of "oil".

Best regards,

Larysa Melnychuk, CEO and Founder
FP&A Trends Group & International FP&A Board

In the midst of constant change, finance teams and FP&A professionals have a crucial role to play in navigating uncertainty and shaping business strategy. They’ve been forced to ask tough - often paradoxical - questions:

• How do we balance short-term targets with long-term priorities?
• How do we plan for next year when I’m not certain what’ll happen next week?
• How can we shift from number-crunching to strategic advisory for the business?

Register here to learn from industry leaders at Deloitte, Warner Bros., Snowflake, and more, as they share their insights.

By Kevin Phillips

In a world where business trends are rapidly accelerating, characterised by relentless change and unpredictability, the response has been clear: embrace speed. In FP&A, leveraging real-time data for agile planning and decision-making has become imperative. With an abundance of data and powerful analytical tools at our disposal, failing to adopt data-driven decision-making could mean falling behind competitors.

And the critical question emerges: Are we rushing decisions purely for the sake of speed? In this article, the author suggests a nuanced approach: "speed up where it matters, but slow down where it counts."

By Simone da Silva Collins

How do we keep pace with the newest technology and not become a victim of siloed operations? No doubt, this question worries many finance practitioners who rely on data.

Indeed, building a thriving data-driven company culture is impossible without understanding data governance, types of data, and data currency. Before stepping up to a path leading to successful data governance, think about data literacy in your organisation.

Read this article, in which Senior Financial Controller at Sony explains why combining extended financial planning and analysis and data governance is a win-win for any organisation that wants to start its digital transformation journey.

By Michael Coveney

Why data-driven planning is essential in today's volatile business environment? What are the key steps for organisations to embrace the transformative shift from traditional planning methods to data-driven approaches?

Our Head of Research explores the limitations of traditional spreadsheet-based planning systems and what are the critical factors involved in designing a modern FP&A system. Read this article to learn more about the importance of real-time data for agile decision-making in today's business environment.

By Gary Cokins

“If the data is lacking in an organisation, and decisions are being made with only good feelings, that is the real danger”

The importance, along with the amount of data in the fast-paced world, continues to grow exponentially. That is why we can see that data has already become a new business “currency”, defining how organisations may leverage the insights they need. However, this is not the sole reason why this approach has a booming popularity right now. What are the other reasons behind this interest?

Watch this video to learn the eight reasons why data-driven FP&A is highly sought after in this ever-changing environment.

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.

11 October 2023

Even with cutting-edge technology at their fingertips, many FP&A teams struggle with basic operations. A shift towards increased agility in planning and forecasting isn't just necessary; it's urgent.

Register for this webinar, where we will discuss how any organisation can evaluate its current FP&A maturity level, pinpoint areas for improvement, and undergo an analytical transformation.

Senior finance practitioners from Arthur J.Gallagher & Co., EBSCO Industries and Board International will share their valuable insights on hoow to navigate the realm of Intelligent Transformation with the FP&A Trends Maturity Model.

18 October 2023

For five years in a row, the FP&A Trends Survey has shown that only one-third of FP&A's time is spent on value-adding activities, such as generating insights and supporting decision-making. So, what is the formula for Value Adding FP&A? Why is it important, and how can we get there?

Register for this webinar to get the answers to these questions. Senior finance practitioners from Ecolab, Alexion Pharmaceuticals and OneStream will share their practical insights.

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