Today, Finance departments are expected to do more than provide the basic facts and figures for management decisions. They have to take global, regional and corporate economics, a competitive environment and regulatory and legal requirements into account.
In addition, general cost pressures, the need for higher efficiency and optimisation targets are all bearing down on CFOs and finance departments.
The major challenges are to establish a business support network that is in continuous interaction with all functions: providing business insight and advisory to all relevant decision makers, serving as strategic enabler and shaping internal and external interactions. Just as well the finance department needs to have an efficient and effective operating model for the CFO organisation in place.
We help finance departments to assume a central and long term role in strategic and business-critical decision making.
With our assistance, CFOs are able to develop new management capabilities and leave their former more functional and administrative role behind.
We also help to make their operations more effective, and can advice finance departments to provide insightful analytics (including costs, performance and risks) to management.
An extensive planning process is not always the better planning process. More than this Management relevance (focus on key performance indicators), value chain aligned plan data (consistency and integration), consideration of business causal relations (for scenarios), strategy-deduced planning assumptions and objectives are characteristics of a good practice planning approach to get commitment and passion for planed goals.
The efficient and economic design of processes of the finance function as well as increasing demands concerning service and quality still remain high on the CFO‘s agenda. A BearingPoint study shows that more than 60% of all companies in the survey were convinced that process optimization can yield cost savings of at least 15 to 20%.
A flood tide of new requirements have overflown the finance and controlling divisions in the past few years.
Sustainability as a management task is an integral part of the global agenda of private and public companies. Our customers implement this task in many ways.