With 94% of finance functions falling outside the trendsetter group, our research shows that large numbers of organizations worldwide will want to address their FP&A capabilities and competencies. They must acquire the ability to make decisions and set plans that are driven by data and insight, rather than by intuition or gut instinct.

Their priorities will include:

• Addressing the rigidity of risk-evaluation practices
• Resolving scalability issues that make it difficult to address new business demands
• Driving more sophisticated insight and analysis of business patterns

However, the work will not stop there. Finance leaders are concerned about a broad range of capability gaps, with the priority areas only just edging out the other gaps cited by respondents.

What organizations say are the biggest gaps in their FP&A capabilities

Risk-evaluation practices are too rigid

Lack of scalability to meet new business demands

Lack of insights into business patterns

Unable to execute forecasting cycle in the short term

Lack of predictive planning and forecasting capabilities

Lack of skills within finance team

Lack of integrated planning

Lack of available robust data

Planning needs to be flexible

The trendsetters already have a strong skillset, and are setting the pace of technological and cultural change. They are prepared to be imaginative in their search for transformation – considering, for example, what shared services units might offer, as well as internal capabilities.

“It is an absolute necessity that we invest in new systems and have technology on board that will help us make changes, but it is not just about gathering data, and dashboards often have information overload. You need someone who can tell you what the key factors are and where do we go.”

MICHAEL KREEFT BMW Japan

Trendsetters vs followers: Investment focus

With 94% of finance functions falling outside the trendsetter group, our research shows that large numbers of organizations worldwide will want to address their FP&A capabilities and competencies. They must acquire the ability to make decisions and set plans that are driven by data and insight, rather than by intuition or gut instinct.

Their priorities will include:

• Addressing the rigidity of risk-evaluation practices
• Resolving scalability issues that make it difficult to address new business demands
• Driving more sophisticated insight and analysis of business patterns

However, the work will not stop there. Finance leaders are concerned about a broad range of capability gaps, with the priority areas only just edging out the other gaps cited by respondents.

What organizations say are the biggest gaps in their FP&A capabilities

Risk-evaluation practices are too rigid

Lack of scalability to meet new business demands

Lack of insights into business patterns

Unable to execute forecasting cycle in the short term

Lack of predictive planning and forecasting capabilities

Lack of skills within finance team

Lack of integrated planning

Lack of available robust data

Planning needs to be flexible

The trendsetters already have a strong skillset, and are setting the pace of technological and cultural change. They are prepared to be imaginative in their search for transformation – considering, for example, what shared services units might offer, as well as internal capabilities.

“It is an absolute necessity that we invest in new systems and have technology on board that will help us make changes, but it is not just about gathering data, and dashboards often have information overload. You need someone who can tell you what the key factors are and where do we go.”

MICHAEL KREEFT BMW Japan

Trendsetters vs followers: Investment focus