The statistics reveal that 60%-90% of strategy implementations fail and only 14% of executives are satisfied with the execution of a strategy. Why do companies systematically fail to set meaningful and achievable targets that can help close the strategy gap? What should be the role of the FP&A in Strategic Planning?
On 25th January 2018, the London FP&A Circle gathered for the fifth time to discuss what new challenges and trends are there in the FP&A field. In one room, 60 finance practitioners exchanged their expertise. They represented internationally acknowledged companies, such as Experian, Imperial Tobacco, Sony Pictures Television, Thomas Cook and many others.
By FP&A suite, we shall understand here the different elements that are needed to manage a given business. Obviously, industry is a keep differentiator but how does this reflect in practice? What are the key elements that needs to be in the suite and on what basis shall it be customised?
In July 2017, I facilitated 5 meetings of the International FP&A Board in Asia and Australia. It was an amazing journey to 3 countries, 5 cities, and two continents. I was on the road for one month and met so many passionate FP&A professionals in Kuala Lumpur, Singapore, Perth, Melbourne and Sydney. Every meeting was a great success.
For quite some time CFOs and the finance community have been talking about transforming the finance function, becoming better business partners and focusing on the value-add, strategic activities. At the core of that transformation is FP&A, as activities like business planning, business unit strategy, investment allocation and predictive analytics become important to fulfil finance’s new, expanded position within the company.