MISSISSAUGA, Ontario (PRWEB) November 15, 2017
Prophix Software, a global leader in Corporate Performance Management (CPM) software, released a global survey titled, FP&A Empowerment: The Evolution of Technology & Trends. In partnership with 360 Thought Leadership Consulting, FP&A Trends, and FP&A Strategy Consulting, the survey delves into how empowered FP&A leaders are to support CFOs who face more strategic, customer-centric, disruptive roles.
Over three hundred FP&A leaders across the globe shared their experiences and insights. The survey results offer seven insights that help define the evolution of FP&A:
1. Companies are Immature Relative to FP&A Analytics
- Over half of companies (53%) report being in a basic or developing state of FP&A analytics maturity.
2. FP&A Teams Aspire to Be More Strategic and Influential
- FP&A professionals spend 47% of their time on low-value activities and only 21% on high-value, while they aspire to spend 48%.
3. Companies Invest Time on the Wrong FP&A Activities
- Only twenty-two percent (22%) of the time FP&A professionals allocate to data analysis is spent on insight generation (17%) or driving actions (5%). Fifty-one percent (51%) is allocated to data collection or validation.
4. Companies Face a Shortage of the Right Data
- Eighty-eight percent (88%) of companies struggle with data quality. Only twelve percent (12%) of respondents have access to the right data in a timely manner.
5. FP&A Success is Inhibited by Technological Immaturity
- Forty-percent (40%) of companies reported having only basic or very basic reporting and analytical tools.
6. Perceptions are Inhibiting Company Investments in FP&A
- Fifty-five percent (55%) of respondents conveyed that their companies don’t think that FP&A delivers strategic value.
7. FP&A Leaders Want Better Data, Better Technology, More Accountability
- Seventy-nine percent (79%) of companies report an upgrade in FP&A technology would empower FP&A to deliver better results.
“FP&A leaders are regarded as trusted advisers across the organization to make strategic and operational decisions,” said Alok Ajmera, President & COO, Prophix Software. “As the survey results reveal, there are many challenges that need to be addressed by the Office of Finance before they can reach their full potential of strategic and influential FP&A. Prophix Software allows for senior Finance professionals to gain insight with relevant & timely data, freeing up time for more strategic analysis.”
“Travelling the world, I have seen a lot of passion for modern financial planning and analysis methods,” said Larysa Melnychuk, CEO, FP&A Trends. “The survey has many powerful revelations. One of its most important messages is this: FP&A teams need to invest in people, systems and processes. It is up to organizations to decide if they really are serious about surviving the world of ‘Unknown Unknowns.’”
To learn more about the current state of FP&A processes and tactics, read the whitepaper FP&A Empowerment: 7 Insights Defining the Evolution of FP&A.
Join the FP&A Survey results webinar on November 30, 2018 11:00 am EST – 12:00 pm EST.