Previously, we discussed the idea of Finance Business Partnering, highlighting the growing trend of finance needing to actively collaborate with the broader business function to truly drive the business. The onset of the pandemic in 2020 put the importance of Finance Business partnering and xP&A (Extended Planning and Analysis) directly into the spotlight.
Now, more than ever, the need for integrated business planning is driving corporations to explore how they can extend the finance function beyond finance itself. No longer is the siloed approach where operations, marketing, finance, accounting, etc. operating independently sufficient. Steps must be taken to align each of these business functions and to drive effective decision making with data. Fortunately, CPM / EPM software have made significant strides to empower the function of finance to meet these new challenges.
CPM / EPM industry leaders such as OneStream XF and Oracle Cloud EPM have made the opportunity to align these organizational units. Driving shared value throughout the organization more accessible than ever through their delivery of software that truly allow the previously siloed business functions to effectively integrate. Modern CPM / EPM solutions are now designed with the understanding that business partnering and integration are paramount to driving success, and as such, offer purpose-built solutions to drive opportunity to align the function of finance with the broader operational departments (Sales, Marketing, HR, etc.).
As many of us have seen firsthand, the COVID Pandemic has accelerated the need for more coordinated collaboration between teams and departments. This need cannot be ignored, as the rate in which the needs of business expands and evolves will not slow down, and as a result, finance must evolve and grow to keep pace. Whether you’re on the journey towards modernizing the finance function and driving towards an integrated business solution, or are ready for your first step, the opportunity to empower individuals through all departments is more accessible than ever. Modern CPM / EPM solutions are available to help lead the charge in a world dependent on xP&A or integrated business planning.
For more reading on xP&A, integrated business planning and the need of interdepartmental collaboration:
Inspiring Intelligent Finance: The Rise of XP&A
Why financial literacy is an organizational concern and how finance teams can help
Boost collaboration with your finance department and drive productivity
