The Changing Role Of Finance Function: Strategies To Transform ( Part 3)
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 )
- The Changing Role Of Finance Function: Why Change & What if Not ( Part 1)
- The Changing Role Of Finance Function: Training Requirements ( Part 2)
- The Changing Role of Finance: Business Partnering- A Small Example ( Part 5)
- The Changing Role Of Finance Function: Creating A Vision Statement ( Part 4)
- Role Of Finance – Skillsets for Business Partnering
- Outsourcing The Accounting Function ( Part 1)
- Finance Role – Business Partnering – Illustration
May 6, 2006
Posted in: Finance Role/KPA/KPI
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