FP & A professionals must become strategic advisors , building relationships with people across other departments and thus play a key role in the management and planning of inflation . They should review the organisation ’ s product portfolio and assess each for its profitability , dropping non-viable items and bundling others and increasing prices to maximise revenues . Planners should also consider a zero-based budgeting process and set stricter policies on expenses while collaborating with the appropriate colleagues to develop cash management strategies that will maximise working capital .
2 . Predictive planning technology
As with most challenges faced by organisations in the 21st Century , Digital
Transformation can help . According to the FP & A Trends Survey 2022 , 39 % of business stakeholders rated their satisfaction with their forecast capabilities as either good or great . But for those using a cloudbased solution , high satisfaction went up to 50 %, and up to 63 % for those using Artificial Intelligence ( AI ).
Additionally , a recent BARC survey on the use of predictive planning technology found that 94 % of respondents already benefit , or expect to benefit , from predictive planning technology .
Such advanced technology must become part of a wider process in which it can