Visibility to Victory: The Case for FP&A (article)
Earlier this month, trailing the Georgia Bulldogs 13-0 in the College Football National Championship Game, head coach, Nick Saban and the Alabama Crimson Tide made a major halftime adjustment and replaced starting Quarterback, Jalen Hurts (25-2 record as a starter), with freshman, Tua Tagovailoa, because Saban had visibility to information in the first half and believed that Tagovailoa’s powerful arm was required for ultimate victory; it worked!
This lesson in “visibility to victory” is important to us as business owners, investors and leaders, and reminds us of the ultimate value in having a world-class Financial Planning & Analysis (FP&A) function.
In our FP&A work at hundreds of companies, we find the following situations negatively impacting visibility:
- Data is housed in too many different systems or reports
- Information is not relevant or timely
- Ad-hoc, excel, everywhere
- Reports are not action-oriented
- Current reporting is compliance-oriented
- Current reporting lacks key non-financial metrics
- Undertrained staff
With the stage now set for Super Bowl LII, many of us here remain hopeful that the magic of a backup quarterback can, for the second time in as many months, propel a team, and an entire organization, from adversity to victory.
For more information about strategic FP&A, contact us.
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