CFOs and Finance Professionals

Four steps towards a future-proof finance department

Share this post:

That the world of finance is going through some evolutions of epic proportions, is an understatement. The sector as such sees the disrupting rise of specialized FinTech companies and startups. Blockchain is the talk of town as a fundamental game changer. Data analysts and predictive analytics specialists are in high demand, but supply is limited, leading to talent shortages. But corporate finance departments and organizations themselves are experiencing fast-paced changes as well, which has a massive impact on the planning, budgeting and forecasting roles.

Being well-prepared is half the battle. Sticking to the four measures below ensures that you can confidently tackle this new era of finance head-on:

  1. Enrich analysis with non-financial big data.
    If you only stick to financial data in your forecasts and plans, you’re forcing yourself to wear blinkers. Be sure to know what is cooking outside your department, and outside of your organization’s walls.
  2. Financial planning and analysis (FP&A) are critical.
    In a data-driven environment, financial planning and analysis are crucial. FP&A specialists are a strategic asset to all organizations. Investing in staff that knows both the financial and the IT side of the medal will always be the smarter choice.
  3. Unify the cloud.
    While the cloud is a great solution to inject the necessary versatility in your business processes, all too often it happens that different business models in different parts of the business put constraints on the success of cloud migration. Take this opportunity to implement planning, budgeting and forecasting through a single cloud solution.
  4. With continuous planning, the future is now.
    The proliferation of big data and the growing capacities of analytics tools make continuous planning a very concrete possibility. It allows for more accurate and quicker analysis, and better anticipation to market changes.

In the coming weeks, we will touch upon these four topics more in depth in a blog series.  Stay tuned.

Looking for a starting point to already help you on your way? Consider IBM Planning Analytics, which helps automate your essential planning, budgeting and forecasting processes. It also provides self-service analytics for business users and flexible, multidimensional modeling for your finance team. Read all about it here.

If you’re curious about the survey which served as the basis for the recommendations above, you can download the executive summary of “The Future of Planning, Budgeting and Forecasting” (by FSN) at following this link.

Presales Consultant at IBM, Software Group, Cognos Software

More CFOs and Finance Professionals stories

More than the sum of the silos

Modern technologies such as the Internet of Things (IoT), robotics, cloud, artificial intelligence and block chain are frequently viewed as independent entities. However, in combination the whole becomes greater than the sum of its parts or in this case the sum of its silos. Collectively, they comprise the basis for infinite possibilities in the area […]

Continue reading

The ecosystem platform as business model

The power of data driven business architectures Over the past generations, technology has gained greater importance in driving the success of organizations. In this, business architectures have evolved to support the leverage information technology can bring to optimize operations. Automation brought efficiency in back office processes, as well as enabling to scale individual business initiatives […]

Continue reading

Partnership creates intelligent cloud

The IT environment has increasingly evolved into a combination of diverse cloud services, complemented by on-premises systems. Software-driven intelligence and automation help to get the most out of such a hybrid landscape. This creates new opportunities for IT service providers. Take the Belgian NRB, for example, which offers customers a unique self-service cloud brokerage platform. […]

Continue reading