No Match Found
As finance functions serve the ever-increasing demands placed on their resources, an appropriate balance of insight, compliance and control and efficiency is required.
High performing functions must continually look to refine this balance, either through targeted change or a more holistic review of the Finance Operating Model.
The PwC Finance Framework (also known as the "Finance Triangle") shows the relationship and balance between the three competing objectives of Finance:
How do you balance the competing demands of insight, efficiency and control?
The Finance Framework provides a simple visual representation of Finance that can be used throughout a Finance Transformation project in a number of different ways.
It is particularly useful during the Strategy and Assess Stage, as it can be used during discussions with key stakeholders to assess the current role of the Finance Function and envision the target state.
Insight is at the heart of the vision of the future finance function. It can take the form of corporate performance management (CPM), business analytics, corporate information logistics and straightforward management information. This gives:
Efficiency in Finance means performing Finance's tasks in a timely and cost effective manner typically via simplified and standardised processes that leverage technology and the consolidation or elimination of non-core activities through shared services or outsourcing. This:
The accountability of CFOs means control and compliance has been at the top of the agenda in recent years. The future Finance function needs sustainable, efficient and focused risk management which meets today's requirements as well as being flexible for future changes in regulations. This gives:
How does a high performing finance function balance all three objectives - control, efficiency and insight?
The answer is likely to change depending on the organisation and drivers but the message from the CEO is clear: how can we release time and people from transactional work to perform value adding activities whilst maintaining an optimised control environment?
Characteristics of high performing finance functions include:
In a high-performing Finance function, business insight means:
In a high-performing Finance function, compliance and control means:
In a high-performing Finance function, efficiency means: