Whose job is it to generate insights?
One question I often get asked is “whose job is it to generate insights?”
Is it the business partners? Is it the MI team? Is it FP&A? Is it Finance control?
The simply answer I give is "it’s everyone’s job".
The best insight led companies that I have observed are the ones that have figured out that great insight comes from a joined-up finance and business team, with each department playing their part.
Here's what I mean...
The Financial Control Team (Financial Accounting, Audit, Internal Controls, Shared Services)
Financial Control are responsible for producing accurate data. If you don’t have accurate data going into your analysis it will undermine the credibility of the insights you generate.
At worst case, poor data can lead to incorrect insights and incorrect actions.
Financial Planning & Analysis Teams (including MI teams) FP&A/MI
FP&A/MI teams generate strong performance insights using the accurate data from the FC teams. They take the data and turn it into reports, convert it into key metrics, facilitate performance review meetings, carry out analysis, all leading to a strong view of performance.
Business Partners (BPs)
The role of the BPs is to drive better performance decisions that lead to value, which they do by...
• Building strong relationships with the business
• They use the performance insights from the FP&A/MI teams, which they can enhance by bringing in their understanding of the business and the external market
• They also bring the insight to life for the business in a way that makes sense and drives the right action