Lead at speed with cloud based FP&A
The need to 'lead at speed' is prompting many organisations to prioritise investments in technology and digital transformation.
If the last few years have shown anything, then it is the need for intelligent financial planning, forecasting and operational analytics to help businesses stay ahead of the curve. But organisations seeking to improve adaptability, re-gain control and speed up decision-making find that their FP&A teams are often hampered by complex spreadsheets, fragmented applications, manual processes and legacy systems.
Rolling forecasts, what-if modelling and data analytics on-demand are no longer a utopia, but very much a ‘needs must’ for companies wishing to become stronger and more competitive. More efficient and more effective planning cycles save time, costs and effort. This translates to increasing productivity of team members, currently diverted by menial tasks, and an ability to plan and re-forecast continuously as conditions change.
A financial planning and analysis model managed centrally by Group Finance typically lacks depth. The insights and expertise gained from knowledge workers across the business greatly increases the value of FP&A cycles. In companies that harness those insights, the Finance Team becomes a strategic business partner to other executives across the organisation.
In order to fulfil these new demands, a paradigm shift is happening on two levels:
- Adoption of cloud-enabled FP&A technology has made driver-based forecasting models accessible to managers across geographies, lines of business or corporate functions ensuring timely action is taken in collaboration with those that understand the business inclusion in the planning process improves trust and engagement between team members at all levels in the organisation, which fosters a culture of accountability for the data that informs decisions.
- Utilising an intelligent finance platform, the Finance function unifies systems of record, control and reporting with the process of financial and operational analysis, data visualisation, trending and forecasting. Its historic role focussed largely on accurate reporting of the past, is stepping into a much more proactive future that informs strategic decisions and communicates insights with internal and external stakeholders
Finance leaders now have opportunity to reflect the most current business scenarios, to model the impact of real-time events on the P&L and balance sheet, to forecast cashflows or operational performance, and to surface insights which drive better business decisions.
And with the right digital technologies and culture, your FP&A team can focus their time on value-add analysis and delivering data-driven insights to business leaders.
You can reach the next level…
We work as independent advisors and solution providers in the Finance Transformation space. With a team of consultants that comprise a mix of qualified accountants with FTSE250 industry experience, Finance professionals with ‘Big4’ management consulting backgrounds and IT experts with vendor certifications, we understand finance systems, and we’ve lived your process.
Since 2005 we have helped clients in a variety of industries successfully make the leap from legacy systems to more agile digital solutions.
With our longstanding financial systems heritage, we are well-placed to help your finance leaders navigate the challenges of transforming financial planning and analytics.
As a OneStream Platinum Partner, Concentric is proud to partner with one of the world’s leading Corporate Performance Management software vendors, offering a platform for intelligent Finance Transformation. Your finance future is in good hands, should you choose to make the first step.