As digitization drives business at ever-faster speeds, CFOs recognize the need to keep pace. They understand the importance of financial planning and analysis (FP&A) solutions that allow their finance teams to develop budgets and forecasts quickly and accurately. They need confidence in their numbers and the decisions they drive. But selecting the right FP&A software is only half the battle.
Although AI and big data have delivered advances in technology these past years which make remediation more manageable and more efficient, itís important ensure that the solution you select, meets your particular requirements, addresses and meets your needs. Some jurisdictions require technology dealing with certain types of data to be hosted on-site; data hosting, exchange, protection and privacy can all affect the choice of solution or vendor. Itís common for companies to call out these specifics in their RFPs. Other considerations include the level of precision and recall (e.g., the accuracy) required to meet project needs, the setup time for a system, its implementation and the ability to support globally dispersed team members.