Wherever you turn, disruption is taking place with businesses trying to accelerate by adopting a more strategic focus. At the heart of this disruption is data: the quicker we can obtain data, convert that data into relevant and organised information, transform that information into knowledge and leverage for better, smarter business decisions, the more an organisation will benefit. As a result, the Finance function will need to evolve … and at the heart of this evolution is Financial Planning and Analysis.
However, yesterday’s technology is holding FP&A back, resulting in ineffective collaboration, slow decision making and a lack of ownership. These challenges keep FP&A stuck in a role that’s manual, reactive and focused on the business details rather than the big picture. With such emphasis on speed and simplification in today’s business world, ‘Agility’ and ‘Adaptability’ are the words on the lips of every CEO.
Adoption of the Cloud and Analytics will all help more ‘persuasive, exploratory and predictive’ FP&A move towards the cutting edge of change as rapid reforecasting becomes a greater strategic tool, where identifying and adjusting business drivers in hours rather than weeks is key to outpacing the competition.
Today’s data is ‘Big Data’ and if Finance wants to remain a true and valued partner to the business, it needs to shift focus from insight to foresight and so surely the analysts of today will have to become the scientists of tomorrow.