Today’s CFO wears many hats—strategist, financier, talent manager, C-suite advisor—and needs the support of a flexible finance organization in order to realize corporate strategy. But economic uncertainty demands that even big ideas have to be cost effective. A good first step is to identify the right model to deliver this support in a cost-effective manner. Sharing service operations, outsourcing incidental tasks and speeding transaction times, for example, can produce tangible results with minimal outlays. Other tactics, like automating finance controls and linking them to a testing and compliance process, can allow for greater flexibility when faced with regulatory changes. Simpler, better-integrated competencies can free CFOs to focus on their primary duties: generating insightful business intelligence and keeping the organization in top competitive form.
Bolstering performance in finance operations and reinforcing decision support through better budgeting, planning, integration and reporting is increasingly important. A governance model with a clear hierarchy of responsibility can yield superior service for internal and external stakeholders alike, and allow CFOs to take advantage of growth opportunities as they arise.