If we talk about current state of many industries post-Covid, there is unprecedented turbulence & disruption, massive shift in consumer behavior, supply chain shocks and competition with intense focus on sustainability as more and more businesses are looking for sustainable business growth, competitive advantage and profitability.

Therefore, FP&As / Finance functions is required to play more business centric role at the forefront by acting as strategic business partner, but unfortunately, still many finance functions are working on legacy systems in silos where decision making processes are often disconnected with information silos, multiple versions of truth, excel plastering, email proliferation, people misalignment, process fragmentation, low data reliability and therefore Strategy, finance and operations are disconnected.

Therefore, it is really important for finance to develop integrated business planning and integrated business approach including integrated reporting with driver based budgeting and forecasting in order to build holistic business stories by acting in an agile fashion,

It was our pleasure to present below integrated model of integrating finance with operations and strategy during session 4 of Financial Reporting Transformation Program organized and produced by Hub Of Finance Transformation.

Starting point is to understand the vision and mission of the organization, then its strategic objectives and identifying key value drivers to drive overall business performance in alignment with SO, and then translating such value drivers into driver based financial planning and forecasting and using integrated KPIs to measure overall business performance.

Lastly, we need a very sophisticated platform to integrate all financial and non-financial data from multiple sources as unified source of truth and then leveraging analytics and visualization tools to build integrated dashboards.

 

Will shed some light on systems part in upcoming weeks post.

Author : Muhammad Zeeshan Taqi

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