The financial health of an organization is a great barometer for its success. If you are able to manage your finances well, you can survive and thrive in the industry you operate in. A fruitful FP&A (financial planning and analysis) solution allows you to head towards growth and lets you attain your core business goals.
An intelligent FP&A solution helps you leverage your company’s financial health by allowing you to create holistic plans, chart out suitable budgets, perform integrating financial planning, indulge in smart performance reporting, and make sense of your financial data to obtain valuable insights.
Modern FP&A solutions streamline a range of different processes and help you steer away from manual work. They help you define your current financial standing and make data-driven forecasts to stay prepared for what the future may hold for you and your teams.
If you are planning to implement an intelligent FP&A solution within your organization, it is important to know its different components that make your work easier and more effective. Here are the major components you would find in an intelligent FP&A solution:
A Centralized Platform
Modern FP&A solutions prevent your team members from switching between multiple platforms to ensure your company’s sound financial health. They provide you with a centralized digital platform for preparing your budgets, creating robust financial plans, making forecasts, and carrying out several other tasks important for your business.
Models play an important role in financial planning and analysis. Models can be referred to as a collection of mathematical variables or structures reflecting how your organization functions. An intelligent FP&A solution will provide you with a model builder that lets you create suitable models depending on your business needs.
For example, you may need an “adding up” model to prepare a budget. These models can be designed to answer specific questions regarding your financial plans. They often contain varied content structures that can be used by different users at different times.
Data Acquisition Tools
Data is the heart of an intelligent FP&A solution. While all data in modern financial planning and analysis solutions are common, you need data acquisition tools to access external data and metadata. This data is analyzed and transformed into dedicated models created for your organization.
Gathering, storing, and tracking financial data will not make any sense if you are not able to create customizable reports using the same. An intelligent FP&A solution comes with smart reporting tools that scan your data, put it into the right context, and create relevant reports for your organization. These reports help the management to make important business decisions.
Implement An Intelligent FP&A Solution With VIZIO
If you want to manage your financial processes with ease and efficiency, VIZIO helps you implement a robust FP&A solution that suits your business needs. Our team of trained and qualified experts understand your specific requirements and tailor their solutions based on the same. We aim to help you embrace digitization while streamlining your business processes, bringing you a step closer to your business goals.