Applying product principles in FP&A
Product management is typically not listed on an FP&A job description but modern FP&A teams will often play a very similar role as product managers.
Similar to how a skilled product manager will connect users with software engineers, FP&A bridges leadership and business partners with technical resources in BI, data engineering, and data science using various technology solutions (Excel and GSheets count too!). Proliferation of AI tools will only accelerate this trend.
Consultants can fill this gap, but building the skills internally is a huge opportunity for any FP&A team to more effectively partner across the organization.
Here are a few areas and resources to consider:
User Requirements: Translating customer needs to requirements that technical resources can operate on is a challenging but valuable skill. Knowing how to effectively write user stories and/or business requirements documents will maximize benefits from technology solutions and keep business teams on good terms with technical teams.
Data Architecture: Finance teams are exposed to numerous systems - ERP, CPM, CRM, HRIS, TMS, BI, Data Warehouses, Data Lakes, and ETL tools, just to name a few! You of course can’t be an expert in all of them, but similar to a product manager, having at least a working knowledge of how these systems function, their intended purpose, and how they connect together ensures that you know what analysis is possible with your data.
Change Management: Managing change is where most technology projects fail and FP&A is no exception. Training and communication are especially important for complex financial concepts, company-wide planning cycles, and self-serve planning systems. Without proper change management, even the best solutions can fall short of adoption.
Whether it’s a large-scale technology implementation or building an Excel model for a business partner, incorporating product management principles into every-day life in FP&A can drastically improve your ability to drive positive change and free up time for strategic activities with effective processes and technology.
