With each new year comes the opportunity to learn and grow. Some lessons are inspiring, and some can be a challenge, but all are worthwhile.

It’s become a tradition for us to ask our global FP&A Advisory Councils what they learned from the past year. Here are some of the 2024 council members’ answers.

Getting the Fundamentals Right Is Underrated

One council member said they learned that, for some organizations, FP&A is undervalued and underappreciated. They explained, “Many smaller organizations try to practice a 'DIY' method of financial planning and analysis. They utilize accounting or other finance teams to 'fill the need' without the true knowledge, processes and discipline required.

“What results is an unsustainable and less-than-desirable outcome. Budgets are assembled without the thoughtful supporting operational assumptions, correlations, cost trends, macroeconomic impacts and, most importantly, strategic initiatives. The quicker an organization is able to set up a practicing FP&A department/operation/skill set, the quicker they can get to more insight. And insight provides immeasurable but significant ROI and competitive advantages.”

“Fixing or circumventing problems caused by not having good, fundamental knowledge, skill or data is a drain on your most important resources, time and goodwill,” said Ashley Merritt, FPAC, R&D Portfolio Finance Manager.

“We're used to the saying, ‘If it ain't broke, don't fix it.’ An idea that stuck with me this year is that I can work on something while it is still working,” said Jermaine Stanislaus, FPAC, Senior Financial Analyst. “That was part of Tucker Bryant's message at AFP 2024. We can take the time to periodically look at all of our functions and processes and decide if they can be improved or discontinued, whether they’re working or not.”

AI Has Untapped Potential, but Human Insight Is Still Critical

“One of the key lessons I learned in 2024 came from watching the initial hype around AI and technology in FP&A begin to settle,” said Majid Darvishan, Clinical Assistant Professor. “While there was plenty of excitement about AI revolutionizing strategic decision-making, the reality is that the technology still isn’t quite reliable enough for high-stakes planning.  AI tools clearly support operational tasks and improve efficiency, but when it comes to nuanced, strategic decisions, they often fall short. Good ol’ human insight and judgment are still essential in FP&A.”

Tyler Vonderheide, Senior Manager, Modeling & Visualization, added, “I learned the difference between generative AI and predictive AI, and how AI is not something new in the finance industry.”

“A big takeaway for me has been the incredible potential of Generative AI,” said William Washington III, Global CFO and member of the AFP Board of Directors. “The rapid evolution of AI is nothing short of remarkable; it is revolutionizing our work, pushing us out of our comfort zones, and compelling us to think differently. In an industry historically resistant to change, AI is a catalyst for innovation and growth.”

“Many in the finance community, among other fields, are pursuing AI. However, too often, they lack a true understanding of the why and how to implement it effectively and cost-efficiently,” added Lawrence Maisel, president of a specialized management consulting practice.

The Importance of Being Agile and Adaptable Cannot Be Overemphasized

“This was the year that necessitated agility and adaptability,” said Washington. “With over 70 nations — nearly half the world's population — selecting new leaders, our firm, with offices in many of these countries, had to constantly adapt to the ever-changing macroeconomic landscape.

“Some of our offices faced elections, political unrest, and even war, highlighting the need for empathy and strength. Swiftly responding to these changes has been crucial for maintaining stability and driving growth. This experience has also underscored the power of uniformity and collaboration; when we all row in the same direction, we can tackle global challenges more effectively and ensure alignment with our overall goals.”

“This was a pivotal year, marked by new leadership, goals, department structures and a renewed focus on our priorities,” said another council member. “Success came from our strategic planning and the team's ability to showcase their strengths. These changes brought us closer to our goal of becoming an embedded business partner. The key lesson: don't fear change or the unknown. Embrace it and stay open to adjustments along the way.”

The Tone We Set Defines the Quality of Our Connections

“In 2024, I learned that leadership is a mix of intentionality and adaptability,” said Kayla Davis, CFO. “I set out this year to grow both professionally and personally, and I’ve been reminded that the tone we set — whether in a boardroom or with family — defines the quality of our connections. I used to think that ‘getting results’ was the primary mark of success, but this year taught me that real impact comes from listening deeply, communicating clearly and being open to evolving.”

This year, Amy Johnson, former FP&A director and controller, asked herself, “Am I walking my talk in my professional and family life? Do my actions align with my desired outcomes? Should my desired outcomes change?” The answers have not always been simple or a resounding affirmation.

Johnson explained, “Pandit Dasa gave a wonderful presentation at the AFP 2024 conference discussing the outcomes of stress: anxiety, insomnia, muscle tension and fatigue. He spoke about how stress affects not only the body but also our behavior. I have learned introspection can help us become aware of the negative thoughts or inaccuracies we tell ourselves and help us respond more effectively to challenging situations by being able to view them more clearly.”

Career Paths Aren’t One-Way Streets

“That was one unexpected lesson,” said Davis. “I’ve taken a step back to ask if I’m aligned with my values and whether my work brings transformative impact. In the end, it’s been about embracing change, leaning into purpose and finding joy in the journey. If 2024 had a theme, it’d be ‘connecting and growing.’”

“On a personal note, my commitment to continuous learning has been more important than ever this year,” said Washington. “Staying sharp through constant reading and learning has helped me stay ahead of industry trends and challenges and make informed decisions.”

For a Dose of Optimism, Interact with Next-Gen Finance Leaders

“This was a year of inspiration, specifically around Gen Z,” said Mario Vasquez, FPAC, Senior Director, Finance, and member of the AFP Board of Directors. “Interacting with the next generation of finance leaders from the Kelley School of Business at AFP 2024 filled me with optimism. Their intelligence, passion and innovative ideas are truly remarkable. I’m excited to see the positive impact they will have on the industry.”

Ready to Put Your Lessons Learned into Practice?

Set a goal for yourself to help you improve. After all, if you don’t know where you’re going or how you’re going to get there, it will be very difficult to make progress.

If you need some inspiration, read about the goals that finance professionals set for themselves in 2025.