A Penny Saved Is A Penny Earned
J.A. Chiang
Head, FIR-ST? Corporate Ventures. Former EY Accounting Advisory Managing Partner. Storyteller, venture builder, creative problem solver, experienced "10th man", certified sake sommelier and digital growth advocate.
We are experiencing a period of GDP contraction and falling corporate revenues and profits. Historically, support functions such as finance team don’t get the same level of attention as, say, the sales and marketing team. Budgets for finance will be tightened as companies try to get through this tough period. Consultants have been talking about finance transformation for a long time, but for the immediate near future, small efficiencies at a small cost may the way to go, versus big efficiencies at a big cost.
Finance functions still need to adapt themselves to the new norm and a modest investment today to improve the finance process would yield dividends in the future from time and cost savings, plus evolving the processes to be more future-ready.
A penny saved is a penny earned.