Business-Centric Approach is Increasingly Important for CFO Organizations, Says ACCA/IMA Report
ACCA and IMA have issued a report naming Financial Insight: Challenges and Opportunities studying the development finance department is making in business partnering. As per findings of report successful entities support their different functions to collaborate with finance function to provide better pieces of information for better decision making.
It is a challenge for organizations with finance functionsto introduce business partnering culture.However with the availability of sufficient financial and other relevant information, there is a great chancefor finance functions to achieve success said Jamie Lyon, head of Corporate Sector at ACCA.
Finance business partnering is not a new idea. IMA’s vice president of research and policy said that the finance function always had a key role inproviding necessary information for effective decision making. Technological progress and other innovations are stimulating the need for business partnering and challenging the finance professionals to keep speed and maintain their effectiveness.
Constantly changing business dynamics and growing complexity in digital world are crucial tests faced by a finance function of an entity to give effective performance.However, finance entities that implement a business-centric tactic and underline the significance of decent finance-business partnering culturecan not only deal with these challenges effectives and efficiently but also can take advantage of them by spreading their impact all over the organization.
As per the study, CFO entitiesmust take the opportunity in 3main areas:
- Generate a viablesupport for finance-business partnering culture to prosper
- Rework and Fix the value of informationalanalysisdelivered to the entity
- Use the correct finance capabilities and personnel with the right approach to perform.
The studyexpects that the risingimprovements in digital world of businesses and a highly competitive environment will have a deepconsequence on the future of CFO entities.