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10-09-2016 04:32 AM

Christopher,

The cross-functional approach  leads to value integration.Maybe  I should have placed this first. A CFO should be similar to an entrepreneur with an analytical understanding ( a bit of lateral thinking is required ) of Input data flow from other functions leading to output  Info/ Reporting to user functions ,influencing Business as a whole. It is something like developing a conceptual ERP mindset. In this context of assuming a role of a (Functional)  entrepreneur , a CFO would be a value integrator with his understanding of  cross functional relationships. 

10-06-2016 09:34 AM

Anand,

Please explain what you mean by "Value Integrator" and cross-functional analytical approach.  I like what I think you mean, but maybe you mean more than I think you do.  I agree that Finance depts. have the tools, skills and people who can perform analytics for other functions, such as operations and sales, but what do you say about it?

10-06-2016 04:26 AM

while automation of Finance Function and standardisation are necessary, same should effectively complement cross-functional Analytical  approaches . This elevates the role of a CFO as `Value Integrator `

TechTalk Blog - Finance Depts Getting with the Program!

By Christopher Mishler posted 09-30-2016 09:32 AM

  

Yes, Finance Departments are "getting it" by realizing that their objectives can be met in large part by increasing the maturity of their processes in enabling technology. This article named four trends that point to an increasing adoption of automation in their processes, along with standardization across entity levels.

Other key points in this survey of 118 Finance Execs: CFO article on a changing Finance Process

  1. Agreement that analytics have to advance, along with "digitization" in general.
  2. Governance Risk and Compliance (GRC) processes and structures have to become more advanced as well (ERM packages, for example).
  3. Finance process automation must rise to a higher level.
  4. A more centralized and standardized finance function is a high priority.

Good news, bad news is not new news for denizens of finance and accounting.  On the one hand, we'd all like to be more productive, but on the other, "productivity" can be code for budget cuts for departmental personnel.  We all know, I suppose, that Finance has to lead by example in holding the line in expenses, so even though a lot of money passes through their hands, it doesn't necessarily stay to pay for raises and fund ample staff structures.  

Let's be part of the catalyst for change and then we'll be continue to be seen as leaders in the charge toward higher productivity by understanding the cost-benefit issues involved in technology enablement and implementation in the face of a high implementation failure rate (75% of IT projects fail, by some estimates). COMPLEXITY is a root cause of the failure in this one area that seems to hold so much promise of efficiency gains, so let's show that we can comprehend through superior organizational and analytical skills (if we can fathom tax and accounting, we can help guide system or process improvement).

These are exciting times that are moving faster, with or without accounting professionals (just wait for those accounting bots to come along...no - don't wait, get ahead of the curve).

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