Survey Research & Economic Data
2021 AFP xP&A Survey
Underwritten by Jedox
The 2021 Association for Financial Professionals (AFP) xP&A Survey, underwritten by Jedox, finds that financial planning and analysis (FP&A) passed the midway point on its journey to unify and automate business planning and forecasting through extended planning and analysis (xP&A). This data is significant because initial steps are the most challenging, and cumulative experiences quicken the pace of change.
According to the survey, there is also high collaboration between FP&A and business and operations teams when forecasting and planning. This encouraging finding indicates that FP&A is actively and effectively collaborating with business and operations counterparts, which is important because higher collaboration scores correlated to higher overall xP&A scores in the survey.
The survey generated 300 responses from corporate finance practitioners.
More highlights include:
- Multinational companies (MNCs) and those with annual revenue more than $1 billion have higher xP&A scores. Specifically, MNCs have higher scores than the two regions in the survey, Asia Pacific and North America (U.S. and Canada). MNCs are powered by collaboration, results tracking, producing out-of-cycle forecasting and use of leading-edge data tools.
- Process alignment leads process automation, as 76% of finance and business and operations teams are fully or partially aligned on their process from end to end; 40% have automated this flow.
- While 90% of companies can reforecast, only 8% of FP&A can do so easily, indicating room for improvement. Agility in finance demands that financial professionals react quickly to changing circumstances and contribute to planning at the highest levels.
Contact [email protected] or call 301.907.2862 for more in-depth information, to read the full report or to arrange an interview with the AFP Research team.
Questions about this subject?
Contact Bryan Lapidus, Director of FP&A Practice at AFP.