Excel Addiction in Finance for CFOs to Avoid EPM Failure and Adopt Power BI with Erik Lidman

FP&A Unboxed

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In this powerful episode of FP&A Unboxed Podcast, host Tejas Parikh speaks with Erik Lidman, Founder and CEO at Aimplan - Extending Power BI and Fabric with Operational and Financial Planning, Budgeting and Forecasting. With 29 years of experience in the CPM space, Erik shares his journey from consulting to founding Aimplan and discusses how finance professionals can leverage technology, data, and AI for better decision making and business success.

Erik shares challenges of managing data in finance, the importance of selecting the right financial planning tool, and how platforms like Power BI can revolutionize the way organizations handle reporting, budgeting, and forecasting. He also offers practical advice for finance leaders on how to stay relevant as automation and AI continue to evolve the finance landscape.

Key Takeaways

Data Ownership & Integration: Owning your data warehouse and integrating it across systems like Power BI is crucial for future-proofing your finance operations.

Power BI for FP&A: Finance leaders should embrace tools like Power BI not just for analytics but for financial reporting and planning.

AI and Automation: As AI and automation shape the future of finance, finance professionals should focus on enhancing their data analysis skills rather than just administrative tasks.

Selecting the Right EPM Tool: Understand your requirements and business maturity before selecting a CPM tool, as not all tools fit every company’s needs.

Noteworthy Quotes

"Data ownership is key, if you don't own your data, you're putting your business at risk." – Erik Lidman

"Power BI is a game-changer for finance, it’s not just for dashboards, but for true financial reporting and forecasting." – Erik Lidman

"The future of FP&A is not just about finance, it's about integrating business data to drive decision-making across the entire organization." – Erik Lidman

"Automating your processes is important, but knowing the business and adding strategic value is what makes a great finance leader." – Erik Lidman

"If you can't explain the data and give real insights to the business, you’re just presenting numbers, not making an impact." – Erik Lidman

Key Timestamps

[00:00] Coming up next & Call to Action

[01:35] Introduction of guest - Erik Lidman

[07:05] The role of Power BI in transforming FP&A functions

[10:01] Leveraging Power BI for financial reporting, budgeting, and forecasting

[13:25] Understanding your data: From ERP to finance systems

[15:40] Why selecting the right EPM tool is critical for organizational growth

[19:00] The challenges of data quality and how to overcome them

[22:30] The evolving role of FP&A professionals with AI and automation

[28:43] How to get started with Power BI in finance

[33:00] The importance of requirement gathering in selecting the right financial tool

[37:30] The future of FP&A: Key trends and skills for finance leaders

[46:00] Closing thoughts and advice for aspiring FP&A professionals

FOLLOW OUR GUEST ERIK LIDMAN ON:

LinkedIn: https://www.linkedin.com/in/eriklidman/

Website: https://www.aimplan.com/

FOLLOW OUR HOST TEJAS PARIKH ON:

LinkedIn: https://www.linkedin.com/in/tejasparikh/

Website: https://aksharconsulting.co.uk/

FOLLOW FP&A UNBOXED PODCAST ON:

Website: https://aksharconsulting.com/

LinkedIn: https://www.linkedin.com/company/aksharconsultingltd/

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