This blog recaps key highlights from the webinar, “Take your financial planning from complex to complete,” featuring Accenture and Ferring Pharmaceuticals.
If you work in Finance, you likely know that while your colleagues still expect you to keep a tight handle on costs, they also look to you to help them cope with the increasing volatility and complexity inherent in doing business today. That was the statement Marco Limito, Senior Manager at Accenture, made at the start of the webinar. He then explained how the key to providing peers with fast and reliable decision support is through integrated business planning—which includes integrating all the different planning cycles across the business, incorporating important external factors from the wider economic environment, and building links between operational plans and financial budgets.
Technology is key to financial transformation
Limito emphasized that financial transformation on such scale is not achievable with spreadsheets. He also pointed out that new technologies, such as Anaplan, are the most important enabler—something that the second speaker, Mark Stewart, Head of Group Financial Applications at the international biopharmaceutical company Ferring, knows all too well.
With Ferring’s business growing in size and complexity, the finance team was struggling with several financial planning software and financial budgeting software solutions that could not scale to the type of integrated business planning they wished to implement or provide value to local affiliates. As a result, Ferring was increasingly supplementing core planning processes with numerous standalone spreadsheets that were laborious to maintain and prone to error.
Financial transformation with Anaplan
Stewart explained during the webinar how moving to Anaplan has allowed Ferring to integrate all of its financial planning cycles—which includes a biennial five-year strategic plan, an annual budget, and quarterly reforecasts—and accommodates the company’s future needs. At the same time, Anaplan has helped Ferring shorten planning cycle times and realize productivity improvements in the finance team. Involving users at all level of the business is critical to any financial transformation initiative and it certainly worked for Ferring. Corporate users and Ferring’s affiliates now consider Anaplan the go-to solution for all their planning needs, especially since it is easy for users to build and maintain Anaplan models without needing specialist support.
Hear Stewart explain how important Anaplan was in making Ferring’s project a success. Watch the webinar “Take your financial planning from complex to complete.”