The Changing Role Of Finance Function: Strategies To Transform ( Part 3)

Finance Strategies to transform into business partnering

Continued from my earlier articles, we can now ask ourselves what can then be our strategies to transform the finance function to take on more strategic financial advice or what we called business partnering.
The following suggestions are:

• The need to have a Vision and Mission For the “New” finance role

• Strategically, the CFO should embark on the following:

·       Mentor / Coach Relationship

Breaking through the mind set of transaction processing needs good coaching. The “walk the talk” and constant encouragement, teamwork and motivation must be initiated by no other than the CFO.

·       Implementing and practicing best financial practices:
The CFO should lay the  foundation by constantly practicing the best financial practices
·       Targeted Performance Management
The CFO constantly needs to change the finance’s mindset from transaction processing to business partnering vide guiding and motivating them towards their targeted performance areas and measuring by key performance indicators.

·       Review technologies or simplifying  processes
This is to  lower transaction processing costs per se or reducing transaction processing time. ( Refer to my earlier article )