Enhancing Business Intelligence through AI-driven FP&A

As the economic climate grows more and more chaotic, companies need to bolster their business intelligence to make better decisions faster. One critical pathway to these essential insights is Financial Planning and Analysis (FP&A).

While FP&A is recognized as essential by virtually every organization, the reality is that many enterprises could stand to improve their capabilities in this area. In fact, SAPinsider’s benchmark SAP S/4HANA Finance research report found that the demand for improved reporting, planning, and insights from finance was the top driver of financial strategies among SAP organizations, cited by over 42% of companies.

Better data and more incisive information can only benefit companies, but they often need a roadmap to guide them to a better FP&A output.

Taking FP&A to the Next Level

As SAP organizations search for better FP&A options, many are turning to partners like CCH Tagetik. Its finance-first platform offers users real-time visibility, actionable insights, and improved data accuracy.

To demonstrate the capabilities of this platform, CCH Tagetik is hosting a webinar to explore how it empowers organizations with AI-driven financial planning and analysis that enhances strategic decision-making for better business outcomes.

On June 12, Dominic Nguyen, Presales Manager at Wolters Kluwer | CCH Tagetik, will help professionals discover how to achieve real-time visibility with intuitive dashboards, plan across unlimited dimensions, and enhance the accuracy of predictive forecasts.

In the session, attendees will learn about:

• How to leverage intuitive dashboards for real-time visibility

• Comprehensive planning for every industry and department

• Unlimited dimensions for flexible planning

• Direct cash flow planning for accurate cash position insights

• Enhancing accuracy of rolling and predictive forecasts

• Seamless rollout to end-users using Excel as the front end

Essential FP&A Qualities

Every company has its own unique opportunities and limitations within its finance team. However, there are some essential qualities that a comprehensive and successful FP&A strategy should have. CCH Tagetik has highlighted some of these attributes:

A single source of truth – All too often, data from different departments, business units, and locations are disconnected from each other and the broader organization. Companies must ensure that they have a single source of truth, allowing all members of the organization to align and work towards the same goals.

Clean and accurate data – Many companies spend an excessive amount of time cleaning and reconciling data, which takes the time that they could spend planning. Not only does it create bottlenecks, but inaccurate data can also negatively impact projections, harming business performance.

What This Means for SAPinsiders

Plan how your organization will execute its planning. Virtually any organization can benefit from bolstered FP&A functionality. However, in order to execute these improvements, businesses need to lay out a roadmap of how they plan to improve their planning and analysis functionality, including how they will address any data and governance issues.

A single source of truth ensures that the entire organization is pulling in the same direction. It is nearly impossible to plan anything across an entire organization if different geographies and business units have different information. Companies must ensure that they have a single source of truth to work with.

Adopt a learning mentality. Even amid many digital transformations, there are always improvements to be made. Companies should find partners like CCH Tagetik that are invested in sharing information and delivering best practices that can steer them in the right direction and ensure they can reach their FP&A goals.