With increased investor pressure to deliver on promises and increased competition that makes delivering on those promises more challenging than ever, CFOs want to know what the best-run organizations do differently with FP&A. For these reasons, IMA teamed up with Lawrence Serven to survey 734 global financial executives and managers with experience in their company’s FP&A practices. Sponsored by Workiva, this report focuses on the FP&A practices of the most successful organizations, those that consistently meet or exceed their own goals, and consistently meet or exceed the results of their competition.
- Broadly speaking, the best-performing organizations take a more rigorous approach to FP&A. They have tightly integrated all the components of FP&A, while lower-performing companies have only loosely coordinated processes.
- They have merged operational and financial planning, and have a deep understanding of how operational metrics drive their financial results.
- They track progress of initiatives designed to move the operational numbers in the right direction just as closely as they monitor financial results, knowing the former drives the latter.
- They hold people accountable for delivering results, which for these companies means linking pay with performance.