Transforming the finance function runs deeper than upgrading technology. This year FSN has undertaken one of the most extensive global reviews of FP&A practice and identified a substantial gap between CFOs who are transformation leaders and those who have not yet implemented change.
The benefit of being a transformation leader is vast, yet only a third of organizations have made transformative changes to their PBF processes over the past three years. Significantly, the survey finds that transformation leaders excel in an area for which a significant number of finance functions struggle. With 31% of transformation leaders able to forecast beyond 12 months, compared to just 11% of those who have yet to begin transformation.
But how do finance leaders fill the FP&A gap?
Alok Ajmera, President & Chief Executive of Prophix, interviews FSN’s CEO and Leader of the Modern Finance Forum, Gary Simon. With Mike Tindal, SVP Corporate & Market Development, Prophix, the expert moderator for the discussion.
Related Infographics in the Agility in Planning, Budgeting & Forecasting Series
HOW AGILE IS YOUR FORECASTING PROCESS? In this first infographic we explore how responsive or agile the PBF (Planning, Budgeting and Forecasting) process is to change against a series of FSN stress tests. The research finds that changing reports and reporting structures (hierarchies) remains a challenge.
HAVE WE SACRIFICED FP&A ACCURACY IN FAVOUR OF SPEED? The second infographic from our “Agility in Planning, Budgeting & Forecasting” research shows that forecast accuracy is getting worse – this despite many organisations forecasting more quickly.
Related Discussions in the Agility in Planning, Budgeting & Forecasting Series
HOW RESPONSIVE IS YOUR FORECASTING PROCESS? 60% of organizations can reforecast in under a week, yet just 40% are able to forecast with any real degree of accuracy and only 20% can forecast a year ahead with confidence. How come?
HAVE WE SACRIFICED FP&A ACCURACY IN FAVOUR OF SPEED? The second infographic from our “Agility in Planning, Budgeting & Forecasting” research in this forum shows that forecast accuracy is getting worse – this despite many organisations forecasting more quickly.