Len McFall, senior finance consultant at Windstream, discusses the role of FP&A in business intelligence. He shares insights on data curation, sales forecasting accuracy, improving finance reporting timelines, and the importance of communication in finance. McFall delves into managing vast telecom data, separating useful insights, and proving business hunches with data analysis.
FP&A professionals are pioneers in business intelligence, utilizing data to simplify and present meaningful insights.
Effective communication is crucial in FP&A; proving hunches and curating data are key responsibilities.
Deep dives
Seasoned Finance Professional's Career Journey
Leonard McFall, a seasoned finance professional with over 20 years of experience in FP&A and business intelligence, discusses his career journey. Having worked in diverse industries from telecommunications to healthcare, customer service, and retail, McFall emphasizes the evolving role of FP&A towards business intelligence and data presentation for a financially literate audience.
Challenges in Financial Planning and Analysis
McFall shares anecdotes of challenges in financial planning, emphasizing the importance of accurate data management. He highlights instances from his career where inadequate data handling led to significant errors in forecasting and decision-making. McFall underscores the significance of building robust models based on trusted data sources.
Data Integration and Business Intelligence
Reflecting on the evolution of tools and processes in finance, McFall discusses the increased access to diverse data sources and the integration of sales, marketing, and operational data. He stresses the importance of unifying data sources to establish a consistent source of truth for informed decision-making across the organization.
Future of Financial Planning and Data Analysis
Looking ahead, McFall emphasizes the need for finance professionals to embrace analytics, data science, and evolving technologies. He suggests staying abreast of the latest tools and processes in business intelligence to add strategic value in financial planning and analysis roles. McFall anticipates a shift towards natural language interfaces for interacting with data, enabling more efficient analysis and decision-making.
FP&A professionals are the original business intelligence (BI) experts, says Len Mcfall, senior consultant, finance at Windstream Holdings, a $1billion US telecoms company.
“FP&A itself is synonymous with business intelligence,” he says. “And honestly, weren’t, weren’t we the first business intelligence? We’ve always been working with data. We’ve always been trying to simplify and present data in a meaningful way to people who might not,otherwise be literate.”
In this frank and honest interview McFall, whose background is heavily influenced by BI, gives insights from a 20 year career including HCT Investments, Sitel, Crossroads Treatment Center and a minefield of data at Windstream.
“I’m not a bullet point guy. I’m a paragraph guy” says Len– warning he’s not one for short, snappy answers, but a storyteller who loves to dive deep, as he reveals:
Why 40% of my job is touching base with people to curate all the data we use across the organization
Putting sales on blast: how often do you catch a forecast from a sales organization that’s even 50%, right?
Coming into a company to save them after they were delivering finance reporting 30 days after close (from 30 days to day 8)
the role of data analysis and bi in finance and in the decision making process.
How business runs on “hunches” and why it is FP&A to prove that hunch
Why if you cannot communicate to the business you are useless
The vast amount of data we have access to in telecoms and how we separate the signal from the noise
How finance rubs against IT and why it’s not pretty
Why AI in finance is like a “very smart but green intern” and prompt engineers are ridiculous
Killing for food in winters during his childhood
Connect with Len on Linkedin: https://www.linkedin.com/in/len-mcfall-6274857b/
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