Financial planning & analysis (FP&A) has changed rapidly within the last decades. With new demands rising out of the digital revolution, a younger generation of clientele, and a global change in how we do business – a new FP&A model has been created.
Vonlanthen Group of Companies is hosting the Financial Planning and Analysis Summit in Berlin, Germany, on October 19th-20th, 2017 to provide a platform to discuss the new contemporary FP&A function amongst professionals in this field. Throughout the two days, senior leaders will espouse what this new model looks like by examining its new elements: advanced analytics, continuous planning, digital spread and moving to the cloud, and lastly the revised role of the CFO and the consequential FP&A culture. This matrix will help attendees to revamp the FP&A function within their organisations.
So, what does a contemporary FP&A function look like? Here is a glimpse into the defining features and how to infuse them into an FP&A model.
Advanced analytics – To advance the analytical schematic, FP&A teams need to think more creatively with the tools that they use. The financial planning software used by financial planning professionals should be more than just a tool to manage data. New software advancements make it possible to use these tools not only to track data but also assess financial performance, risk, governance, and compliance of a business more easily and more quickly.
Continuous planning – For continuous and consistent planning, FP&A teams should use one single system. Combing data from other systems into one readable account not only costs time but money. By working within one single system from the start, it will reduce cost and increase the rate of reaction to business needs.
Digital/ moving to the cloud – FP&A has seen a digital financial shift towards more integrated accounting and processing approaches. The move has been initiated by the desire to turn away from reporting on the past to predicting the future. One of those ways is moving to a more centralised system, like the cloud. By moving towards the cloud, an FP&A team has immediate access to the latest version of applications needed to do business. Software upgrades run more frequently allowing the team to continuously do what they do best; resulting in increased productivity, accountability, and efficiency.
FP&A culture/ CFO – To fully revise the FP&A model, a new culture needs to be developed. This begins with the role of the CFO. The CFO fit for this new model must lead this change by steering away from its typical one-dimensional role of managing data. Acting as inspiration for the whole team, their goal is to not only manage the traditional aspects of the role but also to be the master strategist. All in which creates a culture bound for success and growth.
The FP&A function of tomorrow is one that infuses the traditional components with new elements befit for today’s business needs. By joining in October, you will have a front row seat to learn how to further implement these strategies into your FP&A model. Registration now available at www.vonlanthengroup.com.