Mastering finance in business
The role and impact of financial management on strategy, operations, and business performance
In order to survive in these tough economic times, manufacturers are compelled to redefine their business models through severe cost cutting initiatives. It is a challenging and daunting task requiring a strategic approach that considers both the current economic pressures and future competitive climate. A new study by Deloitte entitled “Mastering Finance in Business: The role and impact of financial management on strategy, operations, and business performance,” reveals how companies can use finance to strategically improve business performance. It focuses on methodologies of leading global manufacturers applying finance to business transformation in a much more comprehensive, consistent, and analytic way. Deloitte has identified these leading global companies as “finance masters” who have found the key to improve financial performance in supply chain, sales, and services.
Based on a global benchmark study of manufacturing companies, Mastering Finance in Business: The Role and Impact of Financial Management on Strategy, Operations, and Business Performance, suggests that the effective and sustainable transformation of an entire enterprise, companies must integrate their efforts relative to both finance and business transformation. Clearly this is a monumental task: With complex webs of production facilities and distribution centres, customers and suppliers, and the resulting flows of products, services, finance, and information that link them, global manufacturers understandably find it quite difficult just to properly track financial performance; mastering finance may seem like a pipe dream. Yet, a number of the world’s leading companies are increasingly turning to finance as a lever to transform their enterprises and drive business — with impressive results. The research not only links the transformation of finance and business to performance, but also shows how finance masters differentiate themselves from the competition through their impact on strategy, operations, and execution across the enterprise.
For more information, download our report Mastering finance in business - The role and impact of financial management on strategy, operations, and business performance (PDF, 293KB).
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