Finance planning and analysis ( FP&A) professionals of a company are in a unique position . FP& A professionals are exposed to a holistic picture of the company's performance. They bring together the information from different groups and put it together to understand the trends and the metrics.
This unique point of view sets these FP&A professionals up very well to be the collaborators within the company. It is an FP&A professionals deep knowledge about the company and the variables that impact the performance, that makes these professionals the translator of needs between various teams. The three groups that FP&A needs to collaborate closely with to continuously drive business value and become the analytics champions of the company are business partners, data scientists and compliance/ regulatory specialists.
Business Partners: Finance has already been collaborating very closely with business partners to drive business performance. So much has been written recently about the importance of being embedded in the business and understand how business runs . Business partnering provides FP&A to ability to drive valuable decision making. This will continue to grow in importance as big data becomes embedded in the way we do business.
Data Scientists: With data becoming an essential tool to drive business performance , data scientists are playing a very essential role in harnessing the value from that data. FP&A professionals have the knowledge and expertise not in data and analysis but also in business. This makes them the natural translators to explain business needs to the data scientists. Similarly, they will be able to work with data scientists to translate story that the numbers are telling back to the business in the language that is familiar to the business.
Compliance/ Regulatory Experts: Compliance and regulations needs are changing dynamically and can have far reaching impacts. These impacts are complicated and difficult to translate to ordinary business language. FP&A professionals have a very strong background of compliance and regulatory needs. They also work very closely with other teams within finance on a regular basis to understand the impact of changes in the regulatory / compliance environment. The business looks to finance to guide them in this area. FP&A professionals with their knowledge of business as well as analytics will become the go-to collaborators to understand the impacts of regulatory changes and guide the business accordingly.
To be a valuable FP&A professional, one needs to be an expert in the area of financial analysis and at the same time collaborate across the functions of business, data science and compliance. The skill of collaboration will continue to grow in importance as technology will drive the digital transformations across companies.
This unique point of view sets these FP&A professionals up very well to be the collaborators within the company. It is an FP&A professionals deep knowledge about the company and the variables that impact the performance, that makes these professionals the translator of needs between various teams. The three groups that FP&A needs to collaborate closely with to continuously drive business value and become the analytics champions of the company are business partners, data scientists and compliance/ regulatory specialists.
Business Partners: Finance has already been collaborating very closely with business partners to drive business performance. So much has been written recently about the importance of being embedded in the business and understand how business runs . Business partnering provides FP&A to ability to drive valuable decision making. This will continue to grow in importance as big data becomes embedded in the way we do business.
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| FP&A - Collaborator of the Future |
Data Scientists: With data becoming an essential tool to drive business performance , data scientists are playing a very essential role in harnessing the value from that data. FP&A professionals have the knowledge and expertise not in data and analysis but also in business. This makes them the natural translators to explain business needs to the data scientists. Similarly, they will be able to work with data scientists to translate story that the numbers are telling back to the business in the language that is familiar to the business.
Compliance/ Regulatory Experts: Compliance and regulations needs are changing dynamically and can have far reaching impacts. These impacts are complicated and difficult to translate to ordinary business language. FP&A professionals have a very strong background of compliance and regulatory needs. They also work very closely with other teams within finance on a regular basis to understand the impact of changes in the regulatory / compliance environment. The business looks to finance to guide them in this area. FP&A professionals with their knowledge of business as well as analytics will become the go-to collaborators to understand the impacts of regulatory changes and guide the business accordingly.
To be a valuable FP&A professional, one needs to be an expert in the area of financial analysis and at the same time collaborate across the functions of business, data science and compliance. The skill of collaboration will continue to grow in importance as technology will drive the digital transformations across companies.
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