Building a Best-Run Finance Organization
There is a company executive with a growing influence in today's boardroom - the chief financial officer. And the role of the finance organizations that these executives lead is expanding as well.
While the advent of the Sarbanes-Oxley Act has focused enormous attention on the financial accountability and internal controls of companies across all industries, company executives recognize that individual business activities do not occur in a vacuum. All functions - such as sales, marketing, manufacturing, service, and even human resources - affect not only the bottom line but also a company's financial integrity. Increasingly, prudent companies are drawing their finance organizations into greater collaboration with the operational aspects of the enterprise. Moreover, companies are asking their financial officers to take on a more prominent role in defining company strategy.
This SAP Executive Insight examines the changing role of the finance organization in today's business environment. Further, by answering the following questions, it describes how companies can develop best-run finance organizations:
- What operating characteristics help companies develop best-run finance organizations?
- How do you measure a best-run finance organization?
- How does the focus of an organization change as best-run finance methods are applied?