Australian organisations should turn to finance business partnering to increase productivityDOWNLOAD
23 May 2013: Expectations of finance departments are changing for Australian organisations with business wanting more finance support for business priorities, according to the results of Deloitte’s inaugural Changing the focus - Finance business partnering in Australia survey.
Donal Graham, Leader of Deloitte’s Finance Transformation Consulting practice said: “Whilst economic pressures have driven leaner and more responsive back office functions, there is also increased demand for finance departments to drive performance. Australian CFOs need to focus their attention on finance business partnering in addition to efficiency.”
Finance business partnering, finance’s ability to support the strategic and tactical priorities of the business, is increasingly viewed as the most effective way for finance teams to add value. This is achieved by delivering insights which improve performance and increase productivity.
“Finance business partnering is being driven to meet the commercial demands of new business models, digital disruption and the explosion in the quality and variety of available data. Successful finance business partners are seen as leaders that can influence the critical decisions a business makes, influencing beyond the numbers.” said Mr Graham.
Key findings revealed in Deloitte’s Finance business partnering in Australia survey include:
By any criteria, information at hand for any finance department has increased dramatically in the past twenty years. However, many Australian organisations are still developing approaches to utilise the vast amounts of data at their disposal and evolve from a hindsight to a foresight information provider.
The survey results also highlighted that many Australian companies have inadequate finance competency and talent development models which do not meet the needs of modern finance departments. Finance development programs need to develop broader skills such as strategic thinking, commercial acumen, and negotiating and influencing capabilities.
“Australian organisations also need to do more to explore and develop innovative career pathways which will encourage finance talent to consider pursuing opportunities which are outside of finance departments. Overall our research has shown that making the transition from back to front office is not easy and in many cases there is a great deal of room for improvement in Australia,” added Mr Graham.
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