CFO Weekly Transforming the Four FP&A Key Pillars for Business Success with Carl Seidman
Dec 26, 2023
In this engaging discussion, Carl Seidman, an Interim CFO and finance advisor, shares his wealth of knowledge on transforming finance practices. He emphasizes the importance of integrating FP&A with operations to enhance financial intelligence across organizations. Carl outlines the four key pillars of FP&A success—people, processes, data/technology, and culture—and warns against relying solely on technology for solutions. He also highlights the significance of strong cash flow management and fostering a culture of financial responsibility to empower leaders and teams alike.
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Turnaround Work Paid Off For Clients
- Carl describes turning around distressed firms where clients later credited FP&A work for survival or exit value.
- Early resistance to the cost often gave way to recognition of long-term value.
Four Pillars Hold FP&A Together
- FP&A rests on four interdependent pillars: people, processes, data/technology, and culture.
- If one pillar is weak the whole function becomes unstable and less effective.
Assess Before You Automate
- Perform a structured assessment before buying software or changing orgs to diagnose the real problem.
- Prioritize fixing processes, data, people, or culture gaps before layering new technology.