Finance is no longer an island - as a matter of fact, Finance organizations are becoming the glue that holds together a consolidated, consistent view of all the departments in an organization.
The advent of the Sarbanes-Oxley Act in the U.S., and, more recently, IFRS, has focused enormous attention on the financial accountability and internal controls of companies across all industries. In response, company executives recognize that individual business activities do not occur in a vacuum, as they all have a bottom-line impact.
Increasingly, companies are drawing their finance organizations into greater collaboration with the operational aspects of the enterprise - including sales, marketing, manufacturing, service, even human resources - and are asking their financial officers to take on a more prominent role in defining strategy across the enterprise.
What do companies with successful finance functions have in common? Benchmarking studies have shown that they are:
Ultimately, finance organizations must strike a balance between the tactical - generating and analyzing financial results - and the strategic - advising the enterprise on company direction and risk factors.
Read the white paper, or listen to a Webcast, for additional details.
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