Sharing FP&A Knowledge: The International FP&A Board

 

 

 

Founded 3 years ago in London, the International FP&A Board now conducts member meetings in 10 countries of Europe, the Middle East, Asia and the USA. The organization will soon expand to Australia.


CCH Tagetik partners with the International FP&A Board and frequently sponsors meetings in Benelux, Switzerland, Germany, UK and Sweden and in the USA

 

2017-04-26 Sharing FP&A Knowledge: The International FP&A Board

 

 

Following are highlights from our conversation.

 


Why is the Board growing so fast?


People are realizing that the classical style of management accounting, financial planning and forecasting simply isn’t enough anymore. We give CFOs and finance directors the opportunity to learn from other financial professionals from around the globe. We share diagnostic content and case studies, analyze the latest trends, and discuss best practices – all in a non-commercial, vendor-agnostic environment.

 

 

What would you say is one of the top challenges facing your members?


Big Data is right at the top. Many organizations are swimming in data. However, they are struggling with finding ways to effectively use it or forecasting and planning - as well as to determine the key business drivers they should be focusing on. Consequently, finance teams are spending huge amounts of time on cleaning data, trying to find the logic behind numbers, and consolidating results. Because so much time and resources are spent on data manipulation, there is little time left for creative, predictive analytics.

 

Another challenge facing finance team is dealing with dispersed and disconnected consolidation processes. In reality, consolidation should be a company-wide initiative that is integrated and collaborative with a simple planning process that’s easy to manage.

 

 

Do you see technology helping members address these challenges?


Of course, but before you introduce the new FP&A systems you have to understand the architecture of your model. Not enough companies have predictive models that are based on key drivers that allow them to react quickly. Finance professionals are still striving to understand and harness the power of modern technology. Excel is still a default, because it is so familiar and people like it. But, while Excel has many benefits, it is not enough for modern finance.

 

 

What should be the focus of finance executives in the near-term?


Companies should be moving to adopt driver-based models that are implemented properly in comprehensive solutions. Leading organizations already doing this - using modern technology to utilize best practices for forecasting, decision-making, as well as financial management.

But, we always remind members to pay attention to their people as well. FP&A business partnering and good communication flows are essential for to finance’s success. The right talent is increasingly hard to find. We need people who can crunch incredible amounts of data, yet who can also communicate effectively with business stakeholders and decision makers.

 

For more information on the International FP&A, go to: http://www.fpa-trends.com

 

 

CCH Tagetik Management Reporting with Collaborative Office

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