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FINANCIAL PLANNING & ANALYSIS

Financial planning and analysis (FP&A) for businesses is an essential component of any successful business, as it helps to ensure that your company's financial goals are met and that your business is operating efficiently. In recent years, new AI tools have emerged that can help businesses take their FP&A to the next level.

What is Financial Planning and Analysis?

Financial planning and analysis (FP&A) is the process of creating a financial plan and analysing financial data to make strategic decisions for a business. FP&A involves forecasting future financial performance, identifying risks and opportunities, and evaluating potential investments.

Why is FP&A Important for Businesses?

FP&A is important for businesses for several reasons. Firstly, it allows businesses to plan for the future and ensure that they have the resources they need to achieve their goals. Secondly, it enables businesses to make informed decisions by analysing financial data and identifying trends. Finally, it helps businesses identify potential risks and opportunities and take steps to mitigate or capitalise on them.

The Role of AI in FP&A

AI tools are becoming increasingly important in FP&A, as they allow businesses to automate many of the processes involved in financial planning and analysis. AI tools can help businesses to collect and analyse financial data more quickly and accurately than is possible with manual methods. Additionally, AI tools can identify trends and patterns that may not be immediately apparent to human analysts, allowing businesses to make more informed decisions.

Supplementary AI Tools to Microsoft Excel

While Microsoft Excel is a popular tool for financial planning and analysis, it has limitations when it comes to analysing large datasets and identifying patterns. To overcome these limitations, new AI tools have emerged that can be used in conjunction with Excel.

One such tool is Tableau, a data visualisation tool that allows businesses to create interactive dashboards and visualisations from their financial data. Tableau can help businesses identify trends and patterns in their data more easily, allowing them to make more informed decisions.

Another tool is Alteryx, a data preparation and analysis tool that can be used to automate data cleansing and preparation tasks. Alteryx can help businesses save time and reduce errors when preparing their financial data for analysis.

In summary, financial planning and analysis is an essential component of any successful business. With the emergence of new AI tools, businesses can take their FP&A to the next level by automating processes, identifying trends and patterns, and making more informed decisions. Whether you are using Microsoft Excel or supplementary AI tools like Tableau and Alteryx, FP&A can help you plan for the future and achieve your business goals.

Ashif Manjothi of Strategas Management Consultants has been involved in FP&A for over 25 years and has seen it’s remarkable evolution. A small selection of testimonials from clients can be seen above, so if you would like to learn more about how Strategas Management Consultants can help your business with FP&A in today's world, simply call or email us at strategas@thevcp.co.uk and we will come back to you as soon as possible.

Have a question or want to arrange an appointment?

Interested in seeing what we can do for you? Email us at strategas@thevcp.co.uk and start the conversation. We would be very pleased to hear from you.