When we examine the solutions that are available for our finance users to support the FP&A function, the primary focus of the solutions are planning & budgeting with forecasting. The solutions fail to provide users with the ability to analyze in context of their plan, budgets, or forecasts. The Financial Planning and Analysis function truly becomes relevant from my perspective when the financial analyst is spending less time manually configuring reports, consolidating information and more time on analyzing the data. The more time they spend on analysis the higher the impact on the growth of the organization.
The impact is even more significant when the FP&A solution is consumed in the cloud. Read the recent Aberdeen Report, “The Next Generation of Cloud FP&A: Simple, Collaborative, and Real-Time.” According to the report, cloud technology:
- Enabled much higher consumption of the FP&A solution
- Took away the complexity of engaging users in the analysis process
- Made “real time” a reality
A particularly powerful statistic is that more 75% of people who want the ability to “What-If analysis or simulation” have either already implemented a cloud solution or plan to in the short term. In order to provide value to customers, the next generation of FP&A solutions need to include functions not only around planning but also focused on collaboration and analysis and must be in the cloud.
Finance users need a full comprehensive analytical platform that can:
- Simulate planning scenarios in real time
- Perform self-service analysis – drill down on metrics, KPIs, and plan
- Share insight and analysis with stakeholders
Your Financial Planning and Analysis Checklist
Best in class organizations are looking for in-memory analytics in the next generation of cloud FP&A solutions:
For more information review the Aberdeen Checklist, “Next Generation of Cloud FP&A Solutions: What To Look For” and learn how a full comprehensive analytical platform can significantly impact the growth of your organization.