![]() ![]() The result is improved accuracy, faster data access, and increased unity and alignment throughout the organization. Working together can also create more transparency and accountability between teams, enabling them to share data, resources, ideas, and goals. The finance function can provide invaluable insight into an organization’s financial performance and offer decision-makers in other functions the necessary data and tools to make smart decisions.īy increasing collaboration between teams, the finance function can become a more integral part of the planning process, allowing departments to come together to develop more accurate forecasts and get more out of the planning process. Incorporating the finance function more deeply into the organization's planning and forecasting processes can create more synergy between departments and improve the quality of decisions being made. The benefits of expanding the finance function's roleīy expanding the role of finance in planning and forecasting, finance teams can create more accurate and timely reports, quickly drill into detail when needed, access data faster, and have more time for presentation and analysis. The office of the CFO can now lead the way in leveraging modern technologies to increase the value of planning and forecasting. Modern technology like FP&A systems provide the tools to allow forecasting and planning from all areas of an organization, enabling better decision-making and providing insights that weren't available before and were potentially difficult to uncover – especially if relying on multiple Excel spreadsheets. With these insights, the CFO can provide guidance to help shape the organization's direction.Ĭlick to read FP&A product brochure - blog - FGĪdding value to the planning and forecasting processīy transitioning from static siloed finance-focused planning to enterprise-wide planning and reporting, the Office of the CFO and leaders of FP&A can bring tremendous value. For example, they should be able to assess the impact of an acquisition on both the short-term budget and the long-term strategy. They must look beyond the numbers to identify the potential broader impact on the business from any potential recommendations they may give. To do this, they must engage in more than just crunching the data. ![]() ![]() Finance teams can create more value for their organizations by getting more involved in forecasting and planning. This means that the Office of the CFO is shifting from providing financial information to helping shape the company’s future through financial planning and analysis (FP&A). Advances in technology have enabled finance teams to become more pivotal in key operational strategies, helping them collaborate with key decision-makers by providing deeper insights so informed decisions can be made. The roles of CFO and Director of Finance are evolving to become more trusted strategic business partners rather than pure operational functions. But how can you ensure that the finance function is providing maximum value in the planning and forecasting process? Here we’ll explore strategies and best practices for expanding the finance function’s role in an organization’s planning and forecasting process. As a CFO, financial planning and analysis are essential to the success of your organization.
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