World-Class Finance
Business Intelligence [part of Optima Media Group], Pages: 278
"Being world-class is all about driving business results, rather than just reporting business results."
Roy Templin, Chief Financial Officer and Executive Vice-President, Whirlpool Corporation
Making Finance's Contribution Count
Use this strategic report to:
- Transform finance into a valued business partner
- Develop the five core capabilities of world-class finance functions
- Manage the trade offs between business partnering and corporate governance
- Set targets for improving finance’s business value
- Implement innovative budgeting, forecasting and planning methods
- Cut the costs of financial services and improve their effectiveness
- Identify the new skills and talents needed for world-class finance
Every organisation expects more from finance. Boards look to finance directors to increase shareholder value, manage financial risk, control costs and ensure compliance with more exacting governance regulations. Managers want more timely and relevant input to improve the quality of their decisions. They also want better methods of planning, managing and monitoring performance.
These rising expectations impose new pressures for finance. But they also represent a huge opportunity. This authoritative, strategic Report tells you exactly what this entails and how finance can transform itself to play a more strategic, value-adding role in the business.
Creating a world-class finance function explains what constitutes world-class finance, why leading companies strive to achieve this status, how to successfully negotiate the transformational process and carve out a more effective, influential role for finance in the organisation.
Chapter 1: World-Class Finance: The Capability Challenge
World-Class Capabilities: An Evolving Concept
How Predicted Changes In Finance’s Role Played Out
Hallmarks Of A Superior Finance Organization
Board Challenges And Finance’s Role
Case Study Companies And World-Class Finance
Governance: The Emerging Capability
Expert Advisors Define World-Class Finance
Chapter 2: Capability 1 – Strategic And Business Partners
Reasons For Resistance
Finance Change Programmes
Acceptance Of Finance As Business Partners
Business Partnering And Corporate Compliance
Finance Capability Gap
Finance And The Fear Of Strategic Partnering
Change Management: An Integral Part Of The Transformation Process
Chapter 3: Capability 2 – Custodians Of Corporate Performance Management, Budgeting And Planning
The Need For New Processes And Practices
Balanced Performance Management Frameworks
Malcolm Baldrige Quality Model
Efqm Business Excellence Model
The Balanced Scorecard
Overhauling The Budgeting Process
Alternatives To The Annual Budget
The Growing Popularity Of Rolling Forecasts
Chapter 4: Capability 3 – Custodians And Champions Of The Governance Process
The Rapid Increase In Compliance Regulations
The Main Reforms And Their Implications For Finance
Effectiveness Of Corporate Governance Reforms
Compliance: The Impact On Roles And Responsibilities
Business Partnering And Governance
Managing Organizational Risk
Booz Allen Study Of Compliance Issues
External Reporting And Non-Financial Information
Chapter 5: Capability 4 – Masters Of Flawless Delivery Of
Transactional Processing Activities
Strategies For Achieving Flawless Transaction Delivery
Combining Service Delivery Excellence With Cost Reduction
Transactional Processing: A Risk Profile
Finance’s Cautious Approach To Outsourcing
The Growing Attraction Of Offshoring
Shared Services Win More Converts
Aggressive Standardization And Centralization
Process Improvement: The Enabling Power Of Technology
Chapter 6: Capability 5 – Masters Of Talent Management
The Changing Profile Of Finance Professionals
Talent Management As The Core Capability
The Evolution Of Finance Skills To Date
Recruitment Strategies For Finding The Smartest Talent
The Characteristics Of A World-Class Cfo
Expert Commentators Define A World-Class Cfo
Top Talent Development Questions
Chapter 7: Measuring The Performance Of Finance
Internal Finance Metrics
Finance Scorecards And How They Are Used
Transaction Processing Metrics
Data For Budgeting And Forecasting
Compliance Metrics
Benchmarking Practices
Chapter 8: Conclusion
Finance Futures
Twenty Questions Reflecting Main Lessons.
Chapter 9: World-Class Finance Case Studies
Alcoa
Barclays
Carlson Companies
Easynet
Glaxosmithkline
Purolator
Reuters
Whirlpool
"The perfect balance between value and cost where finance is viewed as both creating significant business value through the effective deployment of finance strategy and practices while doing so at the lowest possible cost."
Denise Kluthe, Assistant Controller and Director – GBS Financial Accounting Services, Alcoao
Essential Advice for Success
Wherever you are on the journey, Creating a world-class finance function will give you clear answers to big questions about how to define realistic goals, manage expectations – both inside function and throughout the organisation - bridge the credibility gap with business managers, cultivate the right skills and talents for the new finance function and develop the new tools and processes you will need.
You will find an unparalleled range of smart ideas, research-based evidence and sound advice from finance directors and leading experts to provide you with a clear guide on how to achieve world-class standards of performance.
Use the Report to find solutions to a range of transformational issues including how to:
- Change the culture of finance and build closer relationships with every level of the organization
- Develop essential skills for business partnering
- Extend finance’s role in managing business risk.
Apply the action tips – summarising key lessons – throughout the report - along with chapter checklists - to create your own transformation agenda.
- Alcoa
- Barclays
- Carlson Companies
- Easynet
- Glaxosmithkline
- Purolator
- Reuters
- Whirlpool
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