Digitalization in FP&A
Finance leaders need to act now to enable performance management for the digital business and become valuable strategic advisors to the business
Major technology shifts and new capabilities in FP&A and Business Intelligence (BI) solutions provide the office of finance with new opportunities to support a broader set of digital business needs. This Gartner report outlines a set of best practices and recommends actions for decision-makers who oversee the modernization and digitalization of finance. Jedox believes that key areas of opportunity are the integration of additional (external) data that can help improve FP&A, partnering with the business to integrate financial and operational planning and building up advanced analytical skills within finance teams to take advantage of artificial intelligence (AI).
“The only way for finance to manage business performance is by extending beyond the finance silo and incorporating key nonfinancial data in FP&A and other financial analytic processes. This will give finance the opportunity to become a more valued strategic advisor to the management team and line of business leaders.”
Download your complimentary copy of this new Gartner Report (Courtesy of Jedox).
Actions Items recommended by Gartner:
- Educate finance leaders and senior finance personnel on the capabilities of FP&A solutions, which can extend beyond the finance domain and more effectively manage overall business performance.
- Work with sales and HR line of business leaders to identify opportunities for integrating planning systems and processes.
- Don’t wait for AI to solve all your problems; instead, allow finance to make a leap in analytics capabilities.
- Download full Gartner Report for more recommended actions.
Gartner Inc., Best Practices for Improving Financial Planning And Analysis Systems and Processes, Christopher Iervolino, Cindi Howson, Nick Heudecker, Melissa A. Hilbert, 20 March 2018
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