Eating your own dog food in FP&A

Using your own company's product can dramatically increase your perspective in finance

When was the last time you used your company’s product? 

“Actually, I haven’t” is not an uncommon response for FP&A professionals. In the fast-paced world of Finance, hands-on product training often takes a back seat to urgent tasks, leaving little room for product engagement. This rings especially true for B2B or niche products, where obtaining access might be more complex. 

Actively seeking product exposure can yield substantial benefits for FP&A teams, and here's why: 

Data-Driven Insights: FP&A is trained to be data-driven but relevant data is often not collected in the first place, or is difficult to quantify. Using the product can provide first-hand evidence of factors that impact financial performance but aren’t reflected in KPIs, such as inefficient billing or unintuitive onboarding procedures. 

Strengthened Partnerships: By investing time in understanding your company's products, you’ll reinforce your role as a strategic partner. Colleagues from Sales and Product teams, who work closely with the product daily, will appreciate the effort invested in understanding their world. This deeper understanding will enable you to engage in more insightful and strategic discussions. 

Constructive Feedback: FP&A has a unique top-down perspective that can be instrumental in identifying new product opportunities. For instance, by spotlighting high-margin add-ons or curating key customer data that both improves customer experience and revenue predictability, FP&A can contribute pivotal insights that drive the top-line directly. 

Competitive Dynamics: Exploring not only your own product but also competitors' offerings (especially new entrants) can provide a wealth of insights and help your company better understand growth trends and pricing dynamics. 

If you find yourself in the camp of those who haven't yet experienced your company's product firsthand, rest assured that you're not alone. The journey to understanding your products can start at any point, and the investment of just a few minutes or a couple of hours can be incredibly valuable.