“Many senior finance executives want their department to play a more strategic role in the management and operations of their company. They believe there is value in shifting their focus from processing transactions to higher-value functions in order to be able to make more substantial contributions to the success of the organization. Continuous accounting can serve as the foundation for transforming the role of the department.”
“In companies with strong data cultures, important decisions are informed by data and analytics and executives act on analytically derived insights rather than intuition or experience. While digital-native companies like Amazon and Alibaba have strong digital cultures, many traditional companies are struggling to make progress. That’s mostly because few undertake initiatives directly aimed at achieving the desired culture change.”
“CIOs need to take a through-cycle view and stay committed to broader transformation goals they’ve been leading such as programs on data, cloud, and agile. Cloud migration provides the flexibility to manage the current spikes and changing employee and customer needs rapidly and cost effectively. The goal for CIOs is to emerge from this not having just “managed” the crisis but being stronger because of it.”
The Institute of Management Accountants has developed a list of 12 key principles of FP&A based on learnings from a recent survey of 700 organizations that identified the best-run companies — those that both consistently meet or exceed targets they set for themselves, and consistently meet or exceed their competitors’ results. Principles include developing a long-range plans and specific initiatives, understanding plan-to-actual variances, holding people accountable, and monitoring results and KPIs.