Today’s finance professionals need the best systems possible to help them navigate the increasingly uncertain environment. Recognizing this, AFP has released a new guide
that helps FP&A professionals make the business case for new system implementations.
David Axson, managing director, finance and enterprise performance for Accenture, noted that the finance function becomes critical when there’s market volatility or a downturn. “Over the last 3-5 years, the CFO has become the right hand of the CEO, and the finance team is more focused on critical success factors,” he said. “It’s the perfect time to make the case for investing in technology that will help deliver value to the business.”
The reasons for investing in new technology vary depending on the organization’s priorities. According to a recent KPMG survey of 358 finance executives, CFO’s top priority in the next few years is improving business planning and forecasting. Management reporting and analytics tools are among CFO’s biggest near-term priorities.
The FP&A systems market is rife with competition, which is affecting pricing and increasing the number of options to unprecedented levels. Today’s FP&A systems have the tools to infuse agility and efficiency into the planning and forecasting process, but organizations need to be clear on what they are looking for when considering a solution. AFP’s new guide aims to help finance professionals better prepare themselves when deciding on new technology.
“It’s a good time to be looking for a solution,” said Craig Schiff, president and CEO of BPM Partners. “The list pricing is fairly high, but there’s significant discounting off of list. The vendors have not lowered list prices, but the street price can be very different when they’re competing against other vendors.”Download the AFP® Guide to FP&A Systems: Linking People and Processes here.