5 best practices to ensure a smooth FP&A implementation, and why Unit4 ranks ahead of the competition for implementer support

When these two factors match, organizations can see a large return on their initial investment (ROI), and greatest value when implementing new tools.

In this blog, we will explore why implementation is a vital aspect of any FP&A tool, best practices customers should follow, as well as why Unit4 ranks ahead of the competition for implementer support – learn more with Unit4 in this blog.

Why is FP&A implementation important?

As many organizations begin to turn the page on legacy on-premises systems to migrate to Cloud-powered Financial Planning and Analysis (FP&A) or Enterprise Performance Management (EPM) systems, they need a smooth transition to recoup investment and ensure there is little to no disruption to live operations.

Perhaps the biggest hurdle in the migration process is implementation. The BARC 2024 EPM Market Study is a useful resource to understand the challenges and priorities for those investing, as well as to compare vendors based on direct user feedback.

In the market study, BARC found that the complexity of implementation (50%), cost of implementation (47.1%), and finding appropriate external consulting skills to support the implementation (25.5%) were reported as some of the largest barriers to EPM success by system users.

It’s clear that while Cloud FP&A/EPM systems present a clear solution to the issues of legacy systems, those migrating see implementation support as a vital factor for success.

5 best practices for FP&A implementation

1. Establish a clear business case

Cloud FP&A tools can reimagine your organization’s ability to report, monitor, and analyze your financial performance. The business case is often clear, but finance teams should ensure they can highlight why their current legacy processes are inhibiting financial planning, and how new capabilities can provide a return on investment.

This said, in BARC’s 2024 EPM Market Study only 20% of organizations report developing a compelling business case as an obstacle to success, but 51% suggest senior management engagement is an issue. When the case for migration is clear it’s easier to get investors and end-users on board with the implementation process.

Click to read FP&A product brochure gated

2. Monitor performance

Implementation of any tool is an ongoing process that doesn’t end once the tool is live; successful implementation requires continuous monitoring and evaluation.

Organizations should identify key performance indicators (KPIs) to measure success against, to identify areas for improvement, to understand what works and what doesn’t, and to ensure value and ROI can be continually communicated across the organization.

3. Define processes and workflows

FP&A involves multiple processes and teams. Defining these processes and workflows and communicating them to the teams they affect is essential to ensure responsibilities are clear and the impact of implementation doesn’t come as a surprise.

As Cloud FP&A uses integrated data across functions, providing a single source of truth for all teams, those implementing the technology must ensure these functions are on board. Importantly, building a cross-functional team that includes finance, IT, and other business functions is reported as the largest barrier to implementation success (55%).

4. Invest in training and development

Ensuring that training, not just for the tool itself but in FP&A processes generally, can consistently be applied across the organization will ensure not just that your finance team is prepared, but enables other teams to understand the process as well.

When the entire organization understands the FP&A process, financial performance can easily be communicated, reports understood, and greater impact realized. Ongoing development can be upheld by monitoring the market for the latest innovations, processes, and approaches that external and internal teams use for success.

5. Partner with the right vendor

The implementation process isn’t something that should be tackled alone – vendors are clear about their implementer support, whether they provide their own training and development programs, or even if they partner with external consulting agencies for this.

If implementation is a worry for your teams, they should raise this concern with the prospective vendor to see how they can help. Above all else, organizations should consider in detail the implementation support plans offered by vendors, as well as investigate how other implementation projects have succeeded in similar organizations.

How does BARC rate Unit4 FP&A’s implementer support

The BARC 2024 Planning Survey, the largest survey of planning software users, evaluates user feedback on 33 KPIs such as Implementer Support and is another useful resource to compare vendors based on user responses. This KPI is based on how users rate a vendor's support when implementing their FP&A product.

Unit4 FP&A was the leader in Implementer Support when compared to other vendors, with 75% of surveyed users rating Unit4’s implementer support for their FP&A product as ‘excellent’ or ‘good’.

As a leader, Unit4 is ranked ahead of all other vendors in this category, as our support ensures a smooth transition from legacy systems to our Cloud-powered FP&A solution.

BARC confirms that Unit4’s “end-to-end Service includes infrastructure, hardware, system software, monitoring, management and maintenance of the entire solution (including backups), disaster recovery, and Service updates.”

You can discover Unit4’s other favorable rankings in both BARC’s 2024 EPM Market Study, and their 2024 Planning Survey, both based on direct user feedback. To learn more about our FP&A product visit our dedicated webpage or talk to sales today!