Organizations are under increasing pressure to make well-informed decisions quickly based on data coming from various sources. Now you can leverage technology that speaks to multiple systems to develop meaningful planning metrics with an agile, intuitive interface that allows users to analyze their data in a more productive manner. Luckily, the advances in the technological tools available provide the opportunity to make that leap to a higher, better-constructed, and ultimately more useful set of planning metrics.
An accenture report states that the global investment in fintech ventures tripled to $12.21bn in 2014. That’s a great news because this particular ecosystem is rapidly evolving in India. Currently, the country offers the highest expected ROI at 29% on fintech projects as compared to the global average of 20%.
With India advancing to become a cashless economy, things have changed for the better for those who are up to date with the latest trends and technologies in today's financial world.
When I discuss my “Three Pillars of FP&A,” I am referring to financial acumen, communications, and business comprehension/partnering. I want to use today’s article to address how we, as a profession, can and should improve our communication skills. One of the greatest complaints about FP&A professionals is our inability to explain ourselves and our work (insights and foresight) clearly and expediently to our business counterparts. This is what I call our inability to be good storytellers.
With many corporate processes, technology is driving fundamental changes. In almost every industry, today’s souped-up business environment drives a concomitant need for heightened strategic input.
“Let’s change the way we do things” is arguably the least favorite directive we can hear. The reason? By definition, something has gone wrong. You never hear this from an American football player after winning the Super Bowl, the coach of a national soccer team after winning the World Cup, or a tennis player after winning Wimbledon. No, this is something the losers would say because they failed at reaching their goal.
A digital economy is a fast-changing one. As digitalized business models have connected all data from across companies’ value chains in real-time, business leaders are increasingly being called upon to make more decisions and make them more quickly in response to new information. In other words, they need to be able to dynamically plan “in the moment”—that is, develop instantaneous responses to business changes using up-to-the-minute data at a very granular level of detail.