Financial planning and analysis (FP&A) teams have a key role in post pandemic recovery. But are they ready for the challenge?
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Europe & UK Finance Leaders: Preparing for the Next Era in FP&A
Our study findings show finance leaders in Europe and the UK are anticipating their FP&A teams will play a key role in driving recovery and supporting sustainable growth in the post-pandemic era. Are they ready for the challenge?
In this article, you’ll uncover unique insights about how large enterprise finance leaders in the Netherlands, Germany, Switzerland and the UK compare to other regions.
TCS surveyed 750 global financial leaders across the 9 countries.
Specifically, we asked about their:
- Current FP&A strengths and weaknesses
- Priorities for investment and improvement.
Some FP&A teams in Europe and the UK are in a stronger position than others, but many organizations have clear capability shortfalls that are holding them back.
- 60% of FP&A teams in Europe & UK say they regularly fail to develop aligned and robust budgets
- 57% worry about their ability to scenario-plan
- 57% say they are unable to reallocate resources as the business’s demands change without significant errors.
Europe & UK finance teams are heeding the call and prioritizing investments to modernize FP&A functions
- 54% of Europe & UK FP&A teams overall anticipate additional investment in AI and machine learning in the next year
FP&A teams are successfully forging ahead in the post-pandemic world. But there’s still work to do.
Trendsetters have higher FP&A maturity levels and rely more on data and analytics, and less on intuition, when planning and forecasting.
Finance executives revealed what they consider their biggest gaps in FP&A capabilities.