By Bjarte Bogsnes, Vice President Performance Management Development at Statoil
The world of management is full of myths and rituals. Many seem to have been with us forever, often explained and justified as “we have always done it like this”. Some have a shorter history, often introduced because “everybody else is doing it”.
--Kuala Lumpur, Malaysia
In this episode of the FP&A Trends Video Series, Hyder Hasan, Global Finance Director at PureCircle and a member of the FP&A Board in Kuala Lumpur (Malaysia), shares his thoughts on the importance FP&A soft skills. The soft skills are the differentiating factor between a good business partner and an effective business partner.
The core point which most of the finance people miss out in a Finance Business Partnering assignment is to take off their FINANCE HAT and wear their BUSINESS PARTNER’S HAT. In a Finance Business Partnering assignment finance people should not consider themselves as part of the Finance department, but part of their business partner’s department. Finance people should take their business partner’s agenda, as their own agenda and their business partner’s targets as their own targets.
A groundbreaking survey designed to benchmark current and emerging trends relative to how companies are leveraging technology and empowering FP&A professionals to unlock the strategic value of FP&A.
The role of the CFO is changing: It’s moving away from compliance and optimization, towards a more strategic; customer facing disruptive role. But how empowered are their FP&A teams to support them in this new world?
The goals of this survey are to identify and analyze current and emerging trends in modern Financial Planning and Analytics.
by Michael Coveney, co-author of "Budgeting, Planning, and Forecasting in Uncertain Times"
A few days ago I was looking through some blogs on LinkedIn when I came across a comment that suggested the purpose of budgeting was to set stretch targets. A number of people seemed to support this idea, although I personally have to disagree for two key reasons.
What is a stretch target?
First of all, what is actually meant by a stretch target. This can differ depending on where you sit. As the budget holder of a sales division, this may mean setting sales targets that are higher than what would normally be expected. For production, this may mean producing more goods for less while marketing may see this as attracting more inquiries than last year....
By Chris Ortega, MBA, Sr. Finance Manager at Emarsys, USA
What ignited this article? I was talking with some upcoming college graduates from a similar background as myself. They were looking to go into corporate finance/financial planning & analysis (FP&A) after graduating from the Kelley School of Business at Indiana University. I shared with them lessons I learned from 10 years in the finance game. Why is this important to you? In discussing with them and seeing their reaction/feedback it was clear others could see value in my perspective.
So, here are my Top 5 lessons learned in the first 10 years of my professional career.