Why Financial Planning & Analysis Will Be The Next Big Thing In F&a Outsourcing

For quite some time now, it has been speculated by the BPO industry that financial

planning and analysis will be the next big thing in the F&A (finance and administration) outsourcing segment. However, it has not yet reached the volume as expected by everyone. There are some obstacles that have hindered the expected, such as the proximity of these tasks to the CFO office. Whatever be the obstacle, FP&A will soon be the biggest thing in finance and administration outsourcing.

Some of the key factors that will force organizations to outsource their FP&A requirements to call center outsourcing vendors are:

The Complex Nature Of Work: Businesses are going global and they will expand more and more with the passage of time. Further, the implementation of newer technologies is making the job more and more complex for them. This whole situation has made the task of FP&A highly complex and tough for organizations. Getting correct information from diverse systems and platforms is not so easy. Thus, the increasing complexity of business is making it more and more difficult for businesses to manage their FP&A requirements.

Need For Extra Focus On Cost: Today, organizations have to deal with cut-throat competition and rapidly changing business environment. They have now started going through their various expenses on a microscopic level to keep them in check. Whether it is selling cost, general expenses or administrative expenses, organizations are required to monitor them and check them thoroughly on a regular basis.

Too Much Data: The sources of data have increased to such a level that organizations are bombarded with data. However, they don't have enough resources to manage and arrange this data into a meaningful format. Unless you don"t have well arranged data, you can get much information from it. Organizations need someone who has the resources, knowledge and experience of managing huge amounts of data and could also infer meaningful information from it.

Analytical Immaturity: Businesses are usually not very good at using the business intelligence tools. Most of the multi-national organizations have proper business intelligence platforms implemented at their end but they tend to use it more like a reporting system. What they really need to use it for is analytics, but they just dont have the enough analytical maturity.

Pressure Of Core Business processes: Today, organizations are so busy in their core business processes that they just dont have the time and resources required to properly manage their FP&A requirements. All the above factors create a perfect situation for organizations to look beyond their own resources and use external sources for

by: Morris Jane

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