Insights & Actions for Strategic FP&A

Trends in the evolution of FP&A

Prophix produced a report titled, FP&A Empowerment: The Evolution of Technology & Trends, in partnership with 360 Thought Leadership Consulting. We surveyed over 300 organizations to identify trends in the evolution of FP&A. Our primary concern was how finance departments can position themselves to support the increasingly strategic, customer-centric and disruptive roles their executives and organizations are taking on. We identified seven insights and actions that you can apply to your own company:

Insight: Companies are immature relative to FP&A analytics
Action: Invest in people, systems, models and flexible processes that will support the transformation of FP&A infrastructure

Insight: FP&A teams aspire to be more strategic
Action: Limit the time spent on low-value activities such as data validation and shift the FP&A focus to high-value activities like operational planning

Insight: Companies invest time on the wrong FP&A activities
Action: Research leading-edge technology, such as Corporate Performance Management (CPM) software, that can replace lagging back-office systems

Insight: Companies face a shortage of the right data
Action: Establish a single source of data ‘truth’ accessible to everyone in your organization, not just the Office of Finance

Insight: FP&A success is inhibited by technological immaturity
Action: Supply your Office of Finance with advanced reporting and analytical tools to support scenario analysis and data-driven decision making

Insight: Perceptions are inhibiting company investments in FP&A
Action: Understand the strategic value that an empowered finance team can offer to your organization

Insight: FP&A leaders want better data, better technology, more accountability
Action: Make your Office of Finance accountable while also allowing them to upgrade technology and systems

To learn more about the steps needed to transform your FP&A, download our report.