The Power of Financial Planning and Extended Analysis (xP&A)

The Finance Department is taking a central role in the development of all types of businesses. 

In this evolution, many organizations are carrying out their digital transformation. For this to be successful, CFOs need a unified strategy to measure the performance of the multiple processes that occur in their companies.

Financial Planning and Extended Analysis (xP&A) are a great ally to achieve your goals.

Index:

• Extending the power of Planning and Analysis
• The need for speed in Planning and Analysis
• Case study: Sanofi
• Automated Predictive Analysis through AI and Machine Learning
• Yeeply provides the technologies for  companies’ Planning and Analysis

Extending the power of Planning and Analysis

With the help of Extended Financial Planning and Analysis (xP&A) we can harness the power of Financial Planning & Analysis (FP&A). We can extend its influence to all departments, so that it is not only useful at a budgets and economic forecasting level, but also for making important strategic decisions.

xP&A gives all operational departments the same power to create continuity in business plans. These plans become more comprehensive and extend beyond the Finance Department, allowing 360° planning.

 

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Evolution of Financial Planning to Extended Planning

Implementing a unified solution allows centralisation of the processes of financial and operational planning.

Thanks to xP&A, FP&A planning has evolved and it is now possible to use both financial and non-financial data as well as data from external departments, beyond finance. 

This evolution overcomes the traditional boundaries between departments and the management gaps due to this compartmentalization. We gain a richer context when analyzing valuable data and thus obtain a more complete, collaborative, agile and accurate analysis and plans for the entire company.

The 5 advantages of xP&A

The xP&A allows to boost the finances of any company through 5 key advantages:

• Planning and continuous forecasts in real time.
• Solutions and  Granular Operating Models.
• Strategic, financial and operational planning platform.
• Simulations based on planning scenarios.
• Augmented analysis with Predictive Prediction and Machine Learning.

The advanced analytics of Extended Analysis Planning allow you to view data from different operational angles. This allows a more holistic view of companies, which allows combining data analysis and business information, depending on the particularities of each company.

Ultimately, it enables seamless planning and integration of all aspects of the business, faster than traditional methods. In this way, we achieve an alignment of the organization that allows boost business value thanks to xP&A.

The need for speed ​​in Planning and Analysis

In traditional business models, planning is done on a quarterly basis. Today this model is insufficient, since the world changes very quickly and companies need to be more agile and adaptive. 

The need for speed and accuracy in decision making is now more vital than ever. Without the ability to orchestrate an agile response that matches market dynamics, companies cannot cope with the current economic pace.

For a company to be able to evolve in a short time, a great analysis capacity that allows studying large volumes of data, coming from global markets and supply chains. If used properly, this knowledge can help the organization pivot and quickly adapt to change. 

It is through tools like Jedox that you can take advantage of the advantages of financial digitization.

Jedox is a solution that helps companies carry out this analysis, planning and management efficiently. Use pre-built templates for P&L, cost center, sales planning, human resource planning, balance sheets and much more. It contains ready-to-use models for reports, databases, business logic, rules, workflows, and integration. The entire tool is designed to adapt flexibly to the needs of each company.

Jedox granular data management protects information through granular user roles and permissions, down to the level of a single cell. It allows any company that uses it to be agile in its performance management anywhere, anytime and on any device.

Case study: Sanofi

The Sanofi company is the world leader in healthcare, with sales of more than 30 billion euros, more than 110,000 employees and a presence in more than 100 countries. It researches, develops and distributes medical solutions, generating a huge volume of data that it uses to develop advanced drugs and medical devices.

Sanofi needed to integrate its strategic, financial and operational aspects and to achieve this implemented the unified solution – Jedox. 

In a few weeks Sanofi was able to leave behind the obsolete planning in Excel to have integrated reports that allowed him to obtain more accurate plans, forecasts and performances. It increased its agility, accelerated time to value, and gained insight-driven decision-making to predict outcomes more efficiently, while reducing its reliance on IT.

 

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Automated Predictive Analysis using AI and Machine Learning

Predictive analytics tools like Jedox, have built-in technology to respond quickly and improve decision-making. 

Artificial Intelligence and Machine Learning allow coupled predictive analysis, detect patterns and anomalies, collect and prepare data, and of course, make the whole process faster, easier and more accurate.

AI built into Jedox includes finance, business functions with intelligent decision-making, support and automations with:

• AIssisted(TM) Data Preparation AIssisted(TM)
• Predictive Forecasting
• AI-Assisted Performance Management(TM)

The goal is to be able to work with models and save time to empower the business and contribute to its success in a dynamic and digital business environment.

 

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Yeeply provides the technologies for companies’ Planning and Analysis

Yeeply has the best Jedox certified experts, a tool to improve the efficiency, as well as the effectiveness in all organizations with process automation, collaboration, and ultimately digital transformation.

Jedox is not only useful for budgeting and forecasting in finance, sales and human resources, it also provides greater consistency and transparency in achieving integrated, scalable and innovative management through tools such as cloud computing, the Enterprise Performance Management (EPM) or AI to increase the value and adaptability of the company.

If you need consulting on the Digital Transformation of your financial department, we at Yeeply can help you. 

We will put you in contact with our experts for advice on the areas of your company that need a Jedox solution.