Question 1

Who should own a steering project: finance or IT?

Accepted Answer

Neither one alone. A steering project is a business project owned by finance (or the relevant function), with an executive sponsor, and IT as an active partner on architecture, data flows, security and sustainability. The classic trap is a '100% IT' project that delivers a tool without adoption, or a '100% finance' project that creates unmaintainable technical debt. Good governance is tripartite: business, finance, IT.

Question 2

How do you align finance, business and data around a shared vision?

Accepted Answer

Start by sharing a common framework: decision processes, key indicators, responsibilities, language (reference data, definitions). Then equip that vision with a shared data model (xP&A) rather than application silos. Finally, set up transverse steering rituals (performance reviews, data committees, planning sprints) that force functions to confront their assumptions on the same numbers.

Question 3

Why is steering only from past reporting risky?

Accepted Answer

Past reporting describes what happened, not what is going to happen. Steering only 'in the rear-view mirror' exposes you to reacting too late to weak signals, missing market shifts and replicating last year's biases. Robust steering combines actuals analysis, rolling forecasts and scenario simulation to inform decisions before they become forced.

Question 4

What is the difference between financial steering and performance management?

Accepted Answer

Financial steering focuses on accounting and budgetary indicators (revenue, margin, cash, budget vs. actual). Performance management is broader: it also covers operational KPIs (volumes, productivity, quality, satisfaction, NPS, time-to-market) and links business levers to financial outcomes. The first measures, the second informs decisions and trade-offs.

Question 5

When should you move from Excel to a steering tool?

Accepted Answer

When consolidation becomes time-consuming, file versions multiply, formula errors have a material impact, scenario simulation becomes impossible at speed, or collaboration between contributors breaks down. Excel still has its place at the front end (ad-hoc analysis, restitution), but can no longer act as the steering backbone once processes become transverse and recurring.