Block 5: FP and A dream team = analysts + data scientists + artificial intelligence
There are two key skills-related themes when predicting the future of FP&A:
1.1. Evolving roles: As machines do the logical, fact-based left-brain activities, we need to redefine the skills needed in FP&A to deliver the intuitive, subjective, and variable right-brain activities. Technology has automated data gathering, rationalization, visualization, and analytics. But all the data, logical relationships, and algorithms must be well trained, contextualized and reasoned without bias by people
1.2. The gig economy: As more people, especially millennials, now prefer short-term contracts, what impact will this have on FP&A? How can right-brain activities be shared with the talent available?
Organizations must determine how best to respond to evolving roles and a changing economy.
The future of FP&A lies in combining advanced technology with evolved FP&A skills and business partnering. The pace of change and complexity in business continues to increase at speed. To keep up, FP&A must evolve while challenging its drivers, data sources, analytic algorithms, and skill sets.
Our five building blocks offer the foundations for change so you can harness the full potential of the data-to-insight and insight-to-action loops.
Read more about the future of FP&A: Data, digital, and skills: the new mantra for enterprise performance management.