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SAP is thrilled to sponsor the FP&A Trends Survey 2024, garnering insights on financial planning and analysis from over 2,400 responses worldwide. As data's crucial role in decision-making accelerates, it's clear that data quality, technology adoption, and integration are keys to success.
According to the survey, 64% of organisations claim most decisions are now data-driven, increasing from last year's 52%. Yet, 35% of organisations still cite data quality and timeliness as significant obstacles to achieving data-driven decision-making. This underscores the need for continuous investment in improving data quality and integration processes.
The survey further revealed that 40% of organisations upgraded their systems in the past year, reflecting a trend towards modernising FP&A tools for improved data handling and result generation. However, Excel remains as the predominant planning application, underlining the challenge of transitioning towards more advanced platforms.
Underwhelmingly, the adoption of AI and Machine Learning within FP&A has dropped from 11% in 2021 to 6% in 2024, probably due to integration challenges and skills gaps. However, with 15% of organisations planning to adopt AI/ML within six months and 44% in the longer term, we still see the promise of AI/ML realisation in the future.
These insights are merely the tip of the iceberg from the comprehensive FP&A Trends Survey 2024. For a more detailed analysis and a deep dive into data-driven decision-making, forecasting, scenario planning, technology adoption and much more, kindly access the full survey here.
The survey provides a wealth of information that is highly beneficial for any finance professional looking for current trends and best practices in FP&A. Don't miss out on this opportunity to learn and stay at the forefront of FP&A practices.
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