Your finance function is ready for change, are you?
Top-performing finance functions are keeping automation high on their agendas, but it’s just the start of a bigger push for performance.
CFOs step up!
Industry convergence, changing business models, regulatory shifts, talent wars - all of these changes in the corporate environment necessitate a push toward a more modern finance function that can be ready for anything.
We’re seeing CFOs challenge the very core of the functional operating model. They have a digital mind-set and focus their functional transformations where they’ll get results - with process and digital, their people, or straight to the heart of business performance.
This post will be the first of five with exactly that focus:
· Process and digital - Have a roadmap for finance effectiveness, not just automation
· People - Give finance teams new ways to use underutilized skills
· Performance - Drive insights with connected, self-service financial data
· Benchmarking - Is your finance function cost efficient? Here’s how to know.
Our insight, supported by analysis from company interviews and benchmarking data from more than 700 finance functions, shows how companies are making this shift in 2019. They’re including business thinking at every step.
To accelerate your own progress, the only thing you need to do is ask the same questions they did. What business problems are we trying to solve? What needs to change and for whom? How much and at what speed? Then, based on your company’s culture, vision, and strategic goals, choose where to push.
Please let me know what you think. Is there a need or opportunity for finance to change? Are we ready as a profession to step up? Stay tuned for the next article on this topic. If you are interested in our benchmark report, please drop me a note or message.
Leader of a global network creating engaged & influential finance professionals & leaders who solve meaningful problems for organisations in this digital age.
5 年Claus?thanks for calling out the people dimension, we should not be making investments in digital if we're similarly not aligned in amplifying the right strengths in our finance teams. I'd also suggest that rather than cost efficiency benchmarking perhaps we could look at value creation benchmarking, i.e. we need to start breaking out of the cost centre mindset that is holding back so many finance teams from reaching their full potential.
Founder @ CFO.University | MBA
5 年I am looking forward to your posts, Claus.? There is so much opportunity to unlock value from the finance training and experience we get.? To be trans-formative? we'll need to seek out perspectives from different disciplines and, especially, those we serve.? ?