There is a burning need for FP&A teams to become more strategic partners to business. When we surveyed more than 300 finance leaders for the Adaptive Insights CFO Indicator Q2 2016 report, 75% said they wanted their teams to have a significant and strong impact on their organization—but only 46% believed they could have that kind of impact by 2017. What was the disconnect? The chief reason cited was a lack of time for strategic planning.
With 2017 now underway, it’s clear that visionary finance leaders need to reimagine the very ways that FP&A teams function and collaborate—and usher in a new shift in culture. Kerman Lau, vice president of finance at Adaptive Insights, and Hitesh Peshavaria, a partner and advisory leader at Deloitte, recently discussed this in a webinar. They offered practical steps that FP&A leaders can take to realize a culture of analytics—where FP&A spends less time on manual and transactional tasks, and more time on analysis and generating strategic insights.