Recently, the emphasis of the finance function has been on control and efficiency. Now, the focus for many has turned to Insight. These three computing priorities will continue to be the challenge for the finance function.
- Maintaining compliance and control: Being accountable to the business and to the financial community, CFOs have put compliance and control to the top of the agenda. For many, responses have been tactical rather than strategic. More deeply embedded and sustainable solutions are now required. Flexibility to respond to future regulatory change is also increasingly important.
- Driving efficiency: The pressure to release money, resources and capacity has never been greater. Gains may come from the elimination of redundant activities, consolidations of activities (for example, through shared services), standardisation and automation of processes. These steps have in some instances resulted in cost savings in excess of 50%.
- Providing insight and challenge: Insight takes different forms in different organisations. It involves delivery of an effective performance management framework, understanding the key business drivers and challenging and supporting business decisions around these drivers. Equipping finance to deliver effective support on these aspects requires tools and capabilities which are often new to the function.
Balancing the tension of these demands means keeping one eye on the details and the other on realising the vision.
When we can support you
- You are concerned about what governance standards you need to establish to align finance with the business.
- You are seeking to reduce the costs and improve the efficiency of the finance function.
- You are trying to align finance with the business to provide an effective performance management and challenge mechanism.
- You are concerned about having the appropriate balance of controls and that they are not constraining the business.
- You are encountering more challenges than expected in setting up shared service and outsourcing arrangements and are keen to ensure sustainable benefits.
- You want to recognise change as the "normal" state and want to explore how to embed change capabilities into your finance organisation.
- You want to explore a vision for finance.