There are tangible, concrete benefits to having a mature FP&A process. These include improved decision-making, increased efficiency, agility and responsiveness, enhanced forecasting accuracy and more.
How do you know if your processes are mature? Here are some key indicators:
- Data integration and accuracy. You have reliable data sources integrated with your planning environment for real-time analysis.
- Forecasting and predictive analytics. You use advanced forecasting techniques, scenario modeling and predictive analytics.
- Cross-department collaboration. Your FP&A team works closely with other departments.
- Agility and adaptability. You have the ability to rapidly adjust forecasts and strategies in response to changing conditions.
- Technology-driven automation. You leverage automation tools to streamline reporting, budgeting and forecasting.
Would you like to learn how advanced your organization is at financial planning? Take this short (two minutes!), FP&A Maturity Assessment from Forrester Research. You’ll get customized results and recommendations for your organization.