Finance business partnering
Being one step ahead
The critical role of the Finance Business Partner
Improved data availability, smarter tools and access to broader people capabilities means finance can now transform the Finance function to better meet future business needs and become a valuable strategic partner. However CFOs face the challenge of performing a balancing act matching strategic activity with stewardship and control.
One response from CFOs looking to meet this challenge is to invest in Business Partnering capability.
From our experience, this Partnering approach is critical to unlocking often considerable untapped value in the business. With coordinated and appropriately channelled activity, Finance Business Partners can connect, support and challenge the business. They can improve the quality of important business decisions to ensure business strategy delivers the highest financial value at an appropriate level of risk.
Finance Business Partnering
Deloitte recognises the challenge in translating corporate strategy into Finance Business Partnering activities and behaviours. The Deloitte Finance Business Partnering framework can help you identify the key activities that Finance may deploy to add value to your business and the operational enablers required to deliver this value. The framework helps CFOs to add significant value in four main areas; strategy effectiveness, market growth, profit margin and sales growth and product/service development.
While Finance Business Partnering offers a significant opportunity, there are four key challenges to implementation:
- The Insight Challenge. Finance should have a clear view of how the strategic imperative of the organisation translates into financial performance.
- The Capability and Capacity Challenge. Finance is required to hire and train the right calibre of individual and invest in developing desired capabilities
- The Information Challenge. Finance needs to be the owner of information consistency, and the driver for producing timely, insightful and forward-looking information.
- The Permission Challenge. Senior Management must show genuine commitment to Finance Business Partnering by involving them in strategic decision-making and planning.
Take the next step now
If the CFO can demonstrate Finance’s potential in delivering strategy and articulate the size of the value that Finance Business Partnering can release, then the business will invest in them as true strategic partners. Download our ‘Being One Step Ahead’ insight below for a more in depth look at How CFOs can deliver greater value through Finance Business Partnering.
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