Implementing modern planning solutions means shifting from tedious, manual tasks to activities that drive real business value, like insightful analysis and strategic forecasting.
PwC’s survey reveals that 64% of CFOs prioritise investments in advanced technologies like AI and cloud computing, enabling them to respond more quickly to the demands of the business environment.
The need for streamlined processes and smarter tools has never been greater. But it’s not just about working faster. The real goal is to allocate time and resources for more meaningful, strategic tasks. It’s all about enhancing decision-making and fuelling growth.
Furthermore, the BDO survey found that 44% of CFOs are significantly increasing their involvement in digital transformation strategies to drive greater efficiency and resilience within their organisations.
For organisations like yours that aim to bring it to the next level, legacy systems can be the biggest roadblock to achieving agility. Processes like consolidation and planning often occur in silos, with data scattered across multiple platforms.
Your finance teams could spend countless hours gathering, reconciling, and validating data, which could be better spent interpreting and acting on insights.
For finance teams, the monthly close process can feel like navigating a maze—filled with inefficiencies and tangled up in a planning cycle hampered by disconnected datasets. This not only hinders timely decision-making but also opens the door to errors, shaking confidence in the numbers that drive the business. It’s a scenario that perhaps many organisations can relate to.
Is It Time to Automate Your Financial Planning Processes?
As the modern finance landscape evolves, the allure of automation has grown irresistible for finance leaders. Automation isn’t simply a technological upgrade; it’s a strategy to transform how financial planning and analysis (FP&A) teams operate.
By automating repetitive, time-intensive tasks, finance professionals can shift from crunching numbers to crafting impactful strategies. CFOs and FP&A teams alike are embracing automation as the key to unbolting the screw to efficiency and precision in financial planning.
Where to begin?
The best approach is to identify your current planning processes that thrive on consistency and repetition. Automation shines in areas where patterns persist (such as generating recurring financial reports) because it streamlines operations and maximises time savings.
Here are a few tips to take note of before introducing automation to your financial planning process to ensure you are on the right path towards FP&A excellence:
Tip 1: Start Small and Build Momentum
Think of automation as a skill you refine over time. Begin by targeting one essential task, like automating a recurring billing report through your enterprise resource planning (ERP) system. Once mastered, replicate this approach for other datasets. The more you practice, the better you’ll discern which tasks to automate and which demand a human touch.
Tip 2: Keep Your Teams In Loop
Gaining personal efficiency shouldn’t be the main focus of automation. The benefits must be shared across teams by streamlining access to reports and insights. Moreover, transparent communication ensures that automated processes remain robust, even if roles shift. By fostering team-wide buy-in, you’ll establish a culture of collaboration that lead to bigger impact.
Tip 3: Focus on Systemwide Impact
Before diving into automation, consider whether the benefits extend beyond individual gains to systemwide advantages. Processes that improve accessibility for the entire team are prime candidates for automation. When executed well, these systems can operate seamlessly, ensuring continuity and accessibility for everyone.
Tip 4: Prioritise Strategically
Avoid the lure of automating everything at once. Instead, identify processes where automation yields the greatest impact—whether by enhancing accuracy, accelerating workflows, or simplifying data analysis. Gradually scale up, refining as you go, to ensure your automation initiatives align with your FP&A team’s strategic goals.
Tip 5: Preserve the Human Factor
While automation can handle the heavy lifting, financial planning will always require human insight. AI lacks the critical thinking and empathy acquired by most humans.
Nuanced decision-making and industry expertise are irreplaceable. Automation should complement your team’s skills, not replace them. Utilise it to clear the clutter so your team can focus on high-value activities.
The Key to Transformation
Strategic automation offers a competitive edge. It’s not just about working faster—it’s about working smarter. And as your competitors embrace automation, staying ahead means leveraging it to its fullest potential. For finance leaders, the choice is clear: automate or risk being left behind.
Forward-thinking CFOs are taking bold steps to combat inefficiencies in their organisations. They’re adopting unified systems that bridge the gaps between consolidation and planning, breaking down silos for good.
By integrating data from the outset, finance teams gain a single, consistent source of truth. This is about fostering a dynamic environment where finance and accounting work hand in hand. With access to real-time data, they can make informed decisions that drive success and collaboration.
At the same time, planning teams can explore different scenarios, adjust forecasts, and provide actionable insights—all without leaving the platform. This transformation redefines how finance operates, shifting from reactive to proactive decision-making.
Elevate Your Financial Planning
In an era where agility and precision define success, integrating automation into your financial planning processes becomes a necessity to thrive.
Ready to take the next step in transforming your financial planning? Understand key evaluation and selection criteria for a modern planning solution to equip your FP&A teams with the tools they need to lead with confidence in 2025.
Join us in our most anticipated event on the 16th of January 2025, where our line of experts will discuss “The Present & Future of FP&A: Automation, AI, and the Trends of 2025“.
