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It also needs to be based on insights from data. Effective decision-making must be based on dataanalysis, decisions (planning) and the execution and evaluation of the decisions and its impact (forecasting). Good decision making should involve more than just a good artistic sense and strong intuition. an approved budget).
Modern FP&A professionals are charged with providing strategic, data-driven advice that helps leadership make sound decisions in the near and long-term future. Without connected data teams have limited ability to predict future performance to inform current decisions. The past 18 months have been difficult for finance teams.
And then you do need that support — you need that business leadership that understands … your opportunity — [coupled with] finite resources [and] infinite time, with rewards that outweigh risk.”. “There has to be some opportunity that is either underserved or unarticulated that your ingenuity and that opportunity can conceive.
Enhances accuracy : Minimizing errors leads to more accurate financial projections, enabling better decision-making for the finance team and leadership. Acknowledging and addressing forecast errors as you create a new annual budget or reforecast pays dividends down the road.
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