Building a Best-Run Finance Organization

Increasingly, prudent companies are drawing their finance organizations into greater collaboration with the operational aspects of the enterprise. Moreover, companies are asking their financial officers to take on a more prominent role in defining company strategy.

 
These companies typically display some common characteristics. They are: 
  • Agile. Centralizing processes – such as shared financial services, risk analysis, and compliance –can provide consistency that enables a company to implement changes once, quickly reaching the entire enterprise.
  • Connected. The integration of a company’s operations with its financial function fosters a common view of its current state and future direction
  • Metric-driven. Leading companies measure their successes, such as the effectiveness of their transactional processes and the efficiency that finance contributes to the overall organization.
 
Their financial processes are: 
  • Automated. With process reliability, financial professionals can shift their focus from repetitive and manual transactional tasks to more strategic business analysis.
  • Integrated. Silos are dismantled and all relevant financial and operational functions are considered when making critical business decisions.
  • Consolidated. A common technical platform eliminates implementation of process or regulatory changes on a system-by-system or subdivision basis.
 
The mission of their finance function is: 
  • Tactical. Processing financial transactions efficiently and in strict legal compliance solidifies a company’s standing in the financial, analyst, and shareholder communities. 
  • Strategic. Finance drives strategy and innovation, enabling the growth of an organization, facilitating the changes that come with that growth, and managing risk.

 

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