Financial Planning and Analysis Services: Shifting from Static, Historical Reports to Strategic Advisory

This IDC Perspective looks at the increasing importance of the FP&A process and how technology is enabling more predictive insights into business performance, drivers, and potential impacts to the finance function."During COVID-19, we saw the typical static, historical view of financial reports hindered many companies from commenting on quarterly and yearly financials. The lack of predictive insights and rolling forecasts impacted global enterprise's ability to truly understand any forward-looking implications of the pandemic. If we can make this function more intelligent with process improvements and technology, enterprises can become more agile in responding to unexpected changes in market conditions," says Ali Close, manager of IDC's Intelligent Finance and Customer Care Business Process Services Program. "This will also help finance teams to reduce reporting timelines, increase productivity, and enable more accurate reporting and performance visibility."