Industry News
Institute of Management Accountants: Overcoming FP&A’s Biggest Challenge: Predicting the Future
The Institute of Management Accountants released a report that “is designed to serve as a guide for organizations trying to forecast what’s ahead in their markets”. It poses and expands on these 9 ways to improve forecasting in the future:
- Expand the data available
- Tools: Start small and add on
- Use scenario planning
- Address the knowing-doing gap
- Model Building: Think causality
- Establish data collection systems
- Improve assumptions and estimates
- Monitor results and quickly identify the business reasons behind variance
- Improve analytical skills