Strategies For Effective Partnership Between Product and Finance
FP&A Tomorrow
Importance of Clean Data, Budget Management, and FP&A Support
The chapter highlights the importance of clean data for decision-making and introduces the Analyst Intelligence Platform (AIP) for data transformation. It also discusses open communication, prioritization, effective budget management during cuts, qualities of great FP&A support, and the significance of strong relationships.
Welcome to this episode of FP&A Tomorrow, a podcast where we explore the currency state of financial planning and analysis (FP&A) and the future of business operations. Hosted by Paul Barnhurst, also known as the FP&A Guy, this episode is sponsored by Abacum, the leading mid-market FP&A solution.
This week, we're diving into the crucial relationship between FP&A and product management, featuring insights from three distinguished guests: Dara Goroff, Navya Rehani Gupta, and Urvi Kapadia.
This special episode focuses on the synergy between FP&A and product management, addressing the essential qualities of a fruitful partnership that drives business growth and product success.
A little about our guests:
Dara Goroff: Specializes in product management within the automotive space, currently leading initiatives at I-CAR to standardize collision repair education.
Navya Rehani Gupta: Chief Product Officer at Peek, with a rich background in engineering, finance, and high-growth startups.
Urvi Kapadia: FP&A Manager at Netdocuments, bringing an accounting perspective to tech and product finance, with experience in various industries including manufacturing.
Expect to Learn:
- The Art of Possibility: Understanding how FP&A can support product management through the lens of future potential, not just immediate financials.
- Customer-Centric Financial Planning: The importance of FP&A professionals familiarizing themselves with customer needs and product value propositions.
- Strategic Alignment and Empathy: Both teams striving for mutual understanding and alignment on business objectives to ensure cohesive movement towards shared goals.
- Analytical Collaboration: Leveraging analytical skills in both domains to iterate product features and pricing strategies that align with market demands and financial realities.
- Early Involvement and Transparency: The significance of involving FP&A in product planning stages for better financial planning and risk management.
This episode promises a comprehensive look into how FP&A and product management can collaborate more effectively, emphasizing strategic alignment, empathy, and a shared vision for the future. Whether you're deeply embedded in FP&A, just beginning your journey, or part of a product team, these insights will guide you in fostering stronger, more productive relationships across these critical business functions.
Some Insightful quotes:
On Strategic Partnership:
“True excellence in FP&A comes from not just understanding the numbers, but from understanding the story behind the numbers. It's about being a strategic partner who can translate data into actionable insights." - This highlights the evolving role of FP&A professionals from number crunchers to strategic advisors who can guide decision-making processes.
On Collaboration with Product Management:
"The magic happens when FP&A and product management see the art of the possible together. It’s not just about balancing the books; it’s about understanding and investing in the future of the product." - This quote encapsulates the importance of collaboration between FP&A and product teams, emphasizing a shared vision for innovation and growth.
On Analytical Prowess:
"An FP&A professional’s strength lies in their ability to see beyond the immediate financials to the broader business implications. It’s about connecting the dots in ways that others haven’t yet seen." - This quote reflects the analytical prowess required in FP&A, highlighting the need to provide insights that drive forward-thinking strategies.
On the Importance of Customer Understanding:
"FP&A isn't just about internal metrics and forecasts; it's about deeply understanding the market and customer needs. Our financial planning must align with delivering value to our customers." - This underscores the necessity for FP&A professionals to have a customer-centric approach, ensuring that financial plans are always aligned with customer value.
On Empathy and Alignment:
"Effective FP&A requires empathy towards the teams we partner with. Understanding their challenges and aligning on common goals is essential for moving the business in the right direction together." - This quote highlights the soft skills needed in FP&A, particularly the importance of empathy and alignment with other departments to achieve shared business objectives.
Abacum is the leading mid-market FP&A solution trusted by hundreds of companies to eliminate the spreadsheet struggle. Visit Abacum.io today and multiply the impact of your finance team.
Go to https://earmarkcpe.com, download the app, take the quiz and you can receive CPE credit.
Checkout Our Amazing Guests:
Dara: https://www.linkedin.com/in/dara-goroff-pmp-0228691
Navya: https://www.linkedin.com/in/navyarehani/
Urvi: https://www.linkedin.com/in/urvi-kapadia-fpna/
Follow Paul:
Website - https://www.thefpandaguy.com/
LinkedIn - https://www.linkedin.com/in/thefpandaguy/
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