The Changing Role of Finance: Business Partnering- A Small Example ( Part 5)
In my four part articles on the changing role of finance, I have frequently mentioned the word “business partnering with operational heads” instead of allocating over substantial time on transaction processing role.
I have also mentioned earlier that transaction processing role should be there but if it of low value transaction per se then it can be easily taken over by internal or external outsourced partners like shared service center or bankers who provides similar services for accounts payable and receivables and others.
In my first part of my article, I have mentioned some areas for financial executives to look at so as to partner with the other heads of department like for example :
· cost-effective support services;
· managing business risks;
· support growth opportunities;
· developing key performance measurement tools .
To share with you again, on the aforesaid emphasis, recently I saw an advertisement from a multinational company seeking the service of a qualified finance manager which asked for the following role:
- Partner with operations leadership to drive key business initiatives and deliver cost target
- Support the operations leadership by continuously seeking cost reduction opportunities, improve cost efficiency and productivity
Hopefully, more financial executives understand the point on business partnering. Personally, I have seen senior financial executive more tuned towards doing the mundane job of monthly reporting and confining themselves to their own finance department. Familiar wordings like if the operational personnel wants it, they will come to see them. The word proactively and continuous partnership might not have strike their minds.
- Role Of Finance – Skillsets for Business Partnering
- The Changing Role Of Finance Function: Strategies To Transform ( Part 3)
- The Changing Role Of Finance Function: Why Change & What if Not ( Part 1)
- Finance Role – Business Partnering – Illustration
- The Changing Role Of Finance Function: Training Requirements ( Part 2)
- The Changing Role Of Finance Function: Creating A Vision Statement ( Part 4)
- Workflow Management for Finance Departments – Introduction of Concepts
October 19, 2009
Tags: FINANCE ROLE
Posted in: Finance Role/KPA/KPI
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