Survey: FP&A and Business and Operations Teams in APAC Have High Collaboration in Forecasting and Planning
PR90309
SINGAPORE, June 30, 2021 /PRNewswire=KYODO JBN/ --
- The 2021 Association for Financial Professionals (AFP) xP&A Survey,
underwritten by Jedox, finds that the ability of FP&A teams to create an
out-of-cycle forecast in Asia Pacific (APAC) is below teams in other
geographies, hindering finance professionals from reacting quickly to shifting
circumstances.
Collaboration between financial planning and analysis (FP&A) and business and
operations teams when forecasting and planning is greater in organizations
within APAC than those in North America and those with a global presence
(MNCs), according to the 2021 AFP xP&A Survey [
], underwritten by Jedox. This finding is encouraging and signals that FP&A is
actively and effectively collaborating with its business and operations
counterparts, and higher collaboration scores correlate to higher overall
extended planning and analysis (xP&A) scores in the survey. The survey scored
responses to each question based on levels of xP&A attainment; xP&A scores were
then calculated for the FP&A profession overall and for the three geographies.
The vision of xP&A is to increase the frequency and accuracy of forecasting by
unifying, integrating, and aligning the planning and forecasting activities
throughout the entire value chain.
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Additionally, business and operations teams in APAC are able to understand or
make decisions independently based on the finance and operations connection,
representing the successful use of xP&A as it provides business insight into
the financial impact of operating decisions.
Other notable highlights of the 2021 AFP xP&A Survey include:
-- Multinationals (organizations with a global presence) have the highest
overall xP&A score, while organizations based in APAC and North America
(U.S. and Canada) tied.
-- All geographies struggle equally with the effort to obtain data from
nonfinancial sources. Compiling disparate operational data and relating
them to the general ledger is key to unlocking the value of xP&A.
-- The ability of business and operations teams in APAC to understand or
make decisions independently is on par with those in North America.
Further implementation of xP&A tools and methods is expected to raise
this score.
"xP&A enables organizations to unify, integrate, and align planning and
forecasting activities throughout the entire value chain, minimizing the time
and effort required to assemble and share forecasts and plans," said Himashi
Soriano, AFP's managing director of APAC. "There is high collaboration between
FP&A and business and operations teams within APAC, and an opportunity for
finance to extend this integration to become a more strategic business partner
through data-driven insights and decisions."
Mark Velthuis, President at Jedox Asia Pacific, added, "The findings of the
survey signal that finance teams are moving up the maturity curve. This is
promising and reflects a deepening knowledge of how operational metrics drive
financial performance, and technology that supports xP&A is key to continue
progressing through this journey. Organizations in APAC are in a good position
to leverage modern technology to increase agility and emerge ahead of
competition."
AFP conducted this survey in April 2021. It generated 300 responses from
corporate finance practitioners. For more information about the survey, click
here [
]. For press queries, contact Melissa Rawak at mrawak@afponline.org.
About AFP(R)
Headquartered outside of Washington, D.C. and located regionally in Singapore,
the Association for Financial Professionals (AFP) is the professional society
committed to advancing the success of treasury and finance members and their
organizations. AFP established and administers the Certified Treasury
Professional and Certified Corporate FP&A Professional credentials, which set
standards of excellence in treasury and finance.
SOURCE Association for Financial Professionals (AFP)
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