Key Account Management in the Finance Function

Why Finance functions can benefit from implementing a key account management setup to better service the business.

In today's rapidly changing business landscape, the Finance function plays a critical role in supporting business stakeholders and driving organizational success.

One effective way to align Finance with the needs of the business is to establish an organizational setup with Finance Business Partners as Key Account Managers responsible for various divisions of the business.

In such a setup, each Business Partner KAM holds the responsibility for a certain business area but relies on collaboration with a key account team of other Finance experts to support the business stakeholders.

Here are three important benefits of this setup and how it can create a customer-centric, effective, and agile Finance function.

1. Customer-centric: Single point of contact for business stakeholders

By establishing Finance Business Partners as Key Account Managers, each Finance Business Partner holds the responsible for a specific division or department of the organization, serving as a single point of contact for business stakeholders in that area.

This allows the Finance Business Partners to develop a deep understanding of the unique needs and challenges of each area, and to provide tailored financial support. By working closely with their stakeholders to understand their goals and objectives, Finance Business Partners - supported by other Finance experts - can provide relevant and timely insights that support business decision-making.

This customer-centric approach can help to build stronger relationships between Finance and the business stakeholders, and to ensure that Finance is viewed as a strategic partner rather than a back-office function.

2. Effective coordination: Streamlined work across Finance teams

Establishing Finance Business Partners as Key Account Managers can also help to streamline work across Finance teams.

Being granted the accountability for a specific business area, the Finance Business Partners can act as a liaison between the business stakeholders and the various Finance teams, coordinating work and ensuring that resources are allocated effectively. This can help to reduce duplication of effort and ensure that work is completed in a timely and efficient manner.

In addition, the Finance Business Partners can work with the Finance teams to identify areas for improvement and to implement best practices across the organization. This can help to standardize processes and ensure that Finance is delivering consistent, high-quality support to the business.

3. Finance agility: Clear roles and responsibilities

Finally, establishing Finance Business Partners as Key Account Managers can help to ensure Finance agility.

By clarifying roles and responsibilities, this setup can help to promote accountability and ensure that everyone in Finance is working towards common goals.

The Finance Business Partners can work with their stakeholders to identify areas where Finance can provide more value, and to develop plans to deliver on these objectives in collaboration with colleagues within Finance.

In addition, the clear delineation of roles and responsibilities can help to ensure that Finance is responsive to changes in the business environment. When new challenges arise, the Finance Business Partners can work with their stakeholders to identify new priorities and to adjust their plans accordingly. This can help to ensure that Finance is able to adapt quickly to changing circumstances and to provide the support that the business needs to succeed.

It's all about business success

In conclusion, establishing Finance Business Partners as Key Account Managers is a powerful way to align the work of the Finance function with the needs of the business.

By creating a customer-centric approach based on a single point of contact, coordinating and streamlining work across Finance teams, and promoting Finance agility, this setup can help to ensure that Finance is viewed as a strategic partner that provides value to the organization.