How can finance functions adapt their approach, skills sets and behavior to meet the tough challenges ahead?
Finance functions are at the forefront of enabling companies to deal with increasing product complexity, unprecedented market instability and ever more exacting regulation. At the same time, they are under pressure from senior management to cut costs, while providing more effective advice and support as business partners.
Highlights from this PwC publication:
Competence: Finance teams need to be able to see through and reduce complexity in order to manage potential risks and implications. They need to have deeper business knowledge. They should also be able to recognize potential weaknesses, ask the right questions and appreciate what business teams need and expect from them.
Performance and reward: Bonus structures should encourage finance teams to plan ahead. Compensation packages should be geared to process improvement and the sustainable delivery of goals.
Empowerment: Finance personnel should be empowered and have sufficient licence, willingness and acceptance from frontline teams to question business decisions.
Communication and knowledge sharing: Finance teams need to be able to distil raw data into a valuable source of information and insight.
Training and career development: Today's finance professionals require a balance of skills. Structured training and career development not only help ensure finance teams have the right capabilities, but also enhance recruitment and retention.