Survey Reveals Technology Challenges for FP&A Professionals

Survey Highlights Data Challenges in FP&A Sector

A recent survey showcased the persistent challenges faced by financial planning and analysis (FP&A) professionals regarding data reliability and accessibility. A majority of respondents from the 2025 AFP FP&A Benchmarking Survey revealed that these factors significantly hinder their technological success.

Understanding the Data Dilemma

In today’s data-driven environment, the importance of reliable data cannot be overstated. According to the survey, an alarming 61% of financial professionals identified unreliable data as the greatest barrier to achieving success with their technology initiatives. Furthermore, 60% cited the inaccessibility of data as another critical challenge. This indicates that improving data management could unlock significant potential for these professionals.

Multiple Tools, Multiple Challenges

FP&A experts often find themselves using several planning and reporting tools. The survey revealed that more than half of the participants utilize at least eight types of reporting tools on a quarterly basis. Factors contributing to this situation include difficulties in merging data from various sources, the use of outdated legacy systems, and an inadequate number of decision-makers willing to engage with the available tools.

Spreadsheets Reign Supreme

Interestingly, spreadsheets continue to dominate FP&A processes. An astounding 96% of those surveyed utilize spreadsheets for planning purposes, while 93% rely on them for reporting, either daily or weekly. These findings hold steady across different industries and organizational sizes, demonstrating the pervasive reliance on spreadsheets despite their limitations.

Technology and Data Skills Recognized

Amid these challenges, the survey highlighted the increasing value placed on technology skills. Over 80% of respondents indicated that data and technology expertise are as important as traditional finance skills. Many companies are looking for professionals with specific technology capabilities, focusing primarily on business intelligence and dashboard creation.

Performance Management Tools in Use

Enterprise performance management (EPM) tools have emerged as a viable solution to the data issues within FP&A practices. Approximately 71% of survey participants reported using EPM tools for planning on at least a quarterly basis, while over half employ them daily or weekly. By leveraging these tools, organizations aspire to achieve enhanced reliability and efficiency in their data handling processes.

Adoption of Artificial Intelligence in FP&A

The integration of artificial intelligence (AI) within FP&A functions is still in its infancy. The survey revealed that only 23% of respondents frequently utilize AI technologies in their workflows. However, there is optimism in the field, as 40% of professionals are currently testing AI applications and plan to implement them soon.

Insights from Industry Leaders

Jim Kaitz, President & CEO of AFP, emphasized the importance of combining advanced technology with skilled professionals to drive organizational success. He stated, "To provide actionable insights, FP&A teams require a solid technology and data framework that facilitates quick decision-making and profound insights." This encapsulates the essential need for a well-integrated approach to data and technology in the FP&A domain.

Survey Background and Future Events

The insights gathered in the 2025 AFP FP&A Benchmarking Survey were obtained from 362 finance and FP&A practitioners representing various organizations globally. Results will contribute to a greater understanding of technology in the finance sector.

Moving forward, AFP plans to host educational sessions at the 2025 AFP FP&A Forum designed to assist professionals in overcoming technological hurdles. These sessions will address topics ranging from reporting automation to the practical implementation of AI within FP&A processes.

Frequently Asked Questions

What were the main challenges identified by FP&A professionals?

Survey respondents highlighted data reliability and accessibility as their primary challenges, impacting their technological success.

How prevalent is the use of spreadsheets in FP&A?

Spreadsheets are the dominant tool in FP&A, with 96% using them for planning and 93% for reporting on a regular basis.

What percentage of respondents plan to implement AI in the near future?

About 40% of professionals indicated they are testing AI technologies and plan to implement them shortly.

Are FP&A professionals recognizing the need for technology skills?

Yes, over 80% believe technology skills are equally important as traditional finance skills.

What tools are commonly used for performance management in FP&A?

Enterprise performance management (EPM) tools are widely used, with 71% of respondents utilizing them for planning on a quarterly basis.

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