Welcome to FP&A Tomorrow, where we discuss financial planning and analysis, examining its current state and future prospects, with your host Paul Barnhurst.
In today’s episode, Paul Barnhurst is joined by Ken Lane, to discuss what makes great FP&A, the challenges and opportunities in mid-market companies, and the impact of technology and AI on finance.
Ken, a seasoned financial controller and FP&A professioal from Ontario, provides valuable guidance about the importance of collaboration, the role of AI and technology, and why he feels mid-market companies allow you to make a bigger difference in the work you are doing.
Here is a summary of the key points from the discussion:
- Great FP&A is about collaboration across all entities within a business. Understanding and addressing the bottlenecks in each area is crucial for driving meaningful business change.
- Discussion on the necessity for mid-market companies to upgrade their legacy systems to leverage the full value of future FP&A. He highlights the challenges and the importance of investing in technology to streamline data and improve decision-making.
- The episode delves into the ongoing supply chain issues post-COVID. Ken explains how these challenges necessitate holding more inventory, which impacts cash flow and requires careful management of cash conversion cycles.
- The discussion highlights how Gen Z's expectations for efficient and advanced systems are pushing companies to invest in better technology. This shift is essential for retaining top talent and staying competitive in the market.
- Ken stresses the importance of understanding the broader picture of the business and continuously learning. Whether it's through different industries or new technologies, staying adaptable and informed is key to succeeding in FP&A.
Quotes:
Here are a few relevant quotes from the episode
- "A lot of mid-market companies still have a lot of legacy systems or multiple legacy systems within a business, and they're going to need to upgrade and change those to get the full value of the future of FP&A.”
- “When I'm in mid-market companies, I feel like that when you're helping out or you're driving decision-making, you see that impact on the bottom line. When I was with large companies I would see a strategy that would come down from the corporate office, but didn't understand how what I did fed into that strategy.”
Follow Ken:
LinkedIn - https://www.linkedin.com/in/kennethlane/
Website - https://smoothaccounting.ca/
Follow Paul:
Website - https://www.thefpandaguy.com
LinkedIn - https://www.linkedin.com/in/thefpandaguy
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In today's...
