What role should FP&A teams play when it comes to making decisions on finance technology?
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Executive Leader - FP&A and Treasury in Finance (non-banking)a year ago
As Wayne alluded to, Finance users should be the primary decision maker when it comes to Finance technology. The cloud has democratized technology. In the case of FP&A, if it is a technology where they will be the primary user, they should the primary decision maker. IT should be involved to determine the architecture, but IT doesn't know the problems you are trying to solve for, so how would they be able to determine a solution.CFO Advisory Director in Finance (non-banking)a year ago
As the economy evolves and macro-events of epic proportions spin up around us, your ability to pivot quickly is what will separate you from others. 1)Modern technology, a
2)data-first strategy,
3)bottom-up budgeting, and
4)continuous planning
with all stakeholders are important tools for success
CEO in Services (non-Government)a year ago
When it comes to making decisions on finance technology, FP&A teams should play a crucial role. FP&A teams are uniquely positioned to understand the needs and challenges of both finance and business operations. FP&A teams can provide valuable insights on the specific requirements, functionalities, and integration capabilities necessary to streamline financial operations and commercial business operations to enhance decision-making. By actively engaging FP&A teams, we can leverage their expertise to select and implement the most suitable finance technology solutions that align with the organization's goals and drive efficiency, accuracy, and productivity across the finance function and organisation as a whole.Founder in Miscellaneousa year ago
Depends on the technology.If it's a core finance system / ERP implementation, you might just need to know that you can access the data / integrate an FP&A tool, if all you're doing is data analysis.
But this is becoming less and less as more finance professionals are working to become more strategic business partners.
FP&A will need to be actively involved in tech decisions, if the technology is transformative, and is likely to improve the quantity and quality of data.
A wrong tech decision, that then disables FP&A from providing the insight they need to deliver to the business, is something you want to avoid.
Are there any particular technologies that you're referring to?
With cloud based technology solutions Finance has become a more direct user of finance technology