There are many terms connected with FP&A, such as “unstructured analysis,” “predictive analytics,” and “machine learning". Often very little detail on how they can be used in everyday life. Sure, there is an odd example such as how the sales of one product in a supermarket are related to another based on their location. But what do these technologies actually do, and how can they help management in today’s fast-moving, complex business environment?
The volume of data is so large and complex that forecasts are often unpredictable: the world is changing faster than managers can anticipate. Managers can no longer rely on traditional monthly reporting of internally generated data to navigate the future. This is where iFP&A comes in.
Most FP&A departments are on a journey to a place where they can cope with today’s ‘new normal’. From our experience, organisations that are in the Leading state of the FP&A Analytics Maturity Model exhibit several characteristics.
Synergistic teams are built by understanding where people best fit into the team. The biggest drivers of productivity have always come when people have purpose and are allowed to be creative.
These notes were made during the meeting of the FP&A Board on 6th February 2020 in London. They are a mixture of comments made by attendees and thoughts of those who presented case studies. These notes are the copyright of the FP&A Board and are for the attendees of the FP&A Board and their business colleagues. They are not to be used in publications unless authorized by the FP&A Board.
In December 1999, Gartner introduced the concept of Corporate Performance Management (CPM), which they defined as the “... the processes, methodologies, metrics and systems used to monitor and manage an enterprise's business performance”.
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Author's Articles
In this series of blogs, I am looking at areas where FP&A departments must improve if they are to support organisation decision-making in this technology-driven age. In this blog, I’ll cover the new staffing roles that are essential.
In this series of blogs, I will be looking at a number of areas that FP&A departments must address if they are to add value to the organisations they serve in this technology-driven age. In this blog I’ll cover the reasons why change is essential.
Fortunately, an increasing number of organisations have come to embrace what IFP&A can offer. These people ‘step outside the box' and create solutions that are both innovative and that help management to improve organisational performance.
Artificial Intelligence (AI) is one of those terms surrounded in mystery and which promises a lot. It’s also a term that is easy to misunderstand exactly what the promises are, particularly in reference to FP&A.