Based on our experiences with our own clients we know that the current number one challenge and concern for CFOs is access to timely and accurate Management Information and the ability to forecast accurately in order to make good decisions. There is an increasing pressure and demands on Finance functions to partner the business and align their objectives with the corporate objectives.
Our approach to your challenge
Despite acknowledging the desire to better manage performance, organisations continue to struggle with issues that prevent them from achieving long-term strategic objectives.
We work with our Enterprise Applications team to ensure our Integrated Performance Management (IPM) framework establishes an environment for the successful execution of strategic directives. IPM aligns strategic planning, budgeting, reporting and performance measurement across the organisation.
The benefits Deloitte can deliver for you
The key lessons to delivering value that we have learned from our own experience with our CFO clients include:
- Focus on value creation – establish a clear concept for measuring value creation and set key performance measurements to monitor benefit realisation
- Leverage finance to drive performance – finance is the owner of performance management. Technology resources should not be viewed as the source for but as the enabler for standard management information
- Communicate strategic imperatives in a uniform voice – the executive team should set the strategy for the organisation and focus resources on execution
- Measure what matters – break down complex strategy into simple, specific metrics so that employees at every level have something meaningful to aim for
- Present a single version of the truth – agree standard performance measures and reports with accurate and reliable data
- Ground plans in reality – use strategy and key performance indicators to develop budgets and planning models that are based on operational data
- Bring high level targets down to earth – if employees cannot relate the high-level measure to their daily activities then they will ignore these. Tie a company’s overall strategy and goals to detailed performance metrics that make sense at all levels within the company
- Reward and recognise people – rewarding people for a job well done is a great way of motivating people. IPM makes it easier to implement reward programmes in line with strategic objectives
Please do not hesitate to contact a member of the CFO services team with any queries you might have.