Financial Planning and Analysis: Lessons for CFOs and Finance Professionals

Jan 21, 2021

financial planning

As businesses enter a new realm of change driven by economic uncertainties and disruptions, financial planning and analysis have taken center stage in driving business performance. Hence, the focus is now on financial planning analytics to ensure effective budget planning, reporting, and forecasting while driving business performance through clear and actionable insights.

financial planning

Quantzig has the skills and expertise to equip CFOs with the BI insights needed to realize the full potential of business-critical data. Our cross-functional teams possess the technical skills and functional expertise across all financial services segments, enabling us to leverage the relevant experience to provide CFOs with meaningful insights.  Our advanced analytics solutions also cover different aspects of financial planning and analysis, right from budgeting and forecasting to financial modeling and data visualization. What makes us a market leader in financial planning and analysis is the fact that our solutions are designed to empower finance organizations with superior business insights that drive tangible results across segments from automated reporting processes to improved, data-driven budgeting and forecasting.

Competitive pressures to reduce costs and improve budget planning prompt businesses to seek new methods to drive performance using analytical insights. Speak to an analytics expertto find out how you can benefit from financial planning analytics.

Why is Financial Planning Analytics Important?

Digital transformations have impacted every industry, driving major changes in business models and the way businesses operate. Given its impact, there is a need to identify and develop new initiatives that support changing strategic and financial goals due to digital transformations.

Evidently, there is an ongoing need to innovate and enhance agility to respond faster to market forces and adapt to these transformative changes within the financial sphere. Therefore, the classic financial planning and analysis model must grow beyond the traditional functions of accounting, budgeting, controlling, and reporting by integrating analytical and BI insights. Financial planning analytics aims to maximize the potential of business models by providing the acumen and forecast based information necessary for decision making,  enabling better decision-making across the organization.

Request a free proposal to find out more about our platform capabilities and learn how we complement these capabilities with advanced analytics and data dashboarding solutions.

Best Practices in Financial Planning and Analysis

Analyze what-if scenarios to understand the impact of technology on FP&A processes

Technology has now made it possible for businesses to go beyond manual spreadsheet-based methods and define the processes for extending analytical models for financial planning and analysis. What-if scenario modeling can help businesses test and analyze worst-case scenarios and their impact on the business. Since this is data-backed, businesses can make sound decisions without worrying about the negative impact on performance.

Focus on mitigating business risks and economic uncertainties

Businesses must move from testing possibilities to probabilities to succeed in today’s dynamic business landscape. By quantifying the risk of swings in costs of commodities and the need to revalue the cost of goods sold, your organization will be more stable in the long run through continuous business planning and budgeting.

Outsource financial planning and analysis activities to improve operational savings

As companies seek to drive additional savings, find new revenue streams, and reduce costs, outsourcing all FP&A activities has become an imperative for businesses on the leading edge. Though the customized, decentralized nature of these processes makes it costly, outsourcing benefits are far more significant than the costs and risks associated with it. If done effectively, it can also reduce the number of full-time employees required to perform various tasks, reducing time and costs. Request more information if you’re looking for industry-specific insights on financial planning and analysis.

Today, financial planning and analysis has become inflexible, time-consuming, and lacks additional value beyond adding up the numbers. By investing in best practice processes and financial analytics, budgeting teams across industries can navigate economic uncertainties, analyze possible outcomes, and actively manage change at the business speed to ensure success.

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