FP&A is a process of thinking and learning about how companies earn income and generate cash flows. In order for this process to be effective a bridge between planning and analysis is necessary. I learned about the importance of this bridge early in my professional life.
In a previous blog post, I mentioned that people who are highly sensitive to the lack of flexibility of traditional budgeting often see rolling forecasts as the answer. So, you might think, forecasts are like budgets but done more frequently – right?
On 26 April 2017 the FP&A Board gathered in Stockholm for the third time to interactively discuss one of the biggest challenges of moving Financial Planning and Analysis to the next level and undergoing the transformation that is long overdue. FP&A Analytical Transformation became the main focus of 20 senior finance practitioners’ attention from such companies as Baxter, CGI, Danone, Electrolux, Hitachi Data Systems, MSD, Tele2, Philips, etc.
No one disputes that in the modern fast-moving business world, companies have to learn to adapt to changes to win the fierce competition and to not merely survive but thrive. Likewise, the modern FP&A takes an exciting path of transformation to meet the demands of the modern business implementing more dynamic sophisticated tools allowing automation and online collaboration. However, old finance practices are not eliminated in a flash. Many FP&A professionals still live from deadline to deadline without taking a break to reconsider and change. How many have already examined other analytical tools than good old Excel and looked for ways to diminish non-value adding processes?
On 13th June 2017, 29 senior finance practitioners from such international and local companies as ABN AMRO, CRH, Diageo, Gemalto, Henkel, Ingram Micro, Naspers, PvH Europe, Regus, Sandoz, Staples Solutions, TIP Trailer Services, Vlisco, etc., gathered to interactively discuss Rolling Forecast Best Practices at the FP&A Board in Amsterdam.
On 16th March 2017 the second meeting of the Brussels FP&A Board, launched in November 2016, took place at the exclusive Business Club van Lotharingen in Brussels. It gathered 25 financial planning and analysis (FP&A) professionals from such companies as ING, J&J, Mastercard, to name but a few. As the mission of the International FP&A Board is to guide the development and promotion of best practices in global FP&A, identify and support new trends, skillsets and innovations, FP&A Analytical Transformation became the primary focus of the discussion in Brussels.