A modern enterprise performance management strategy offers significant improvement to the functions of controlling. Having one helps modernize planning processes and provide a measurable advantage for organizations of all sizes and sectors.
The New Face of Finance
Digital transformation affects almost every business unit. Above all, the role of the controller is changing significantly as a result of the new framework – away from the traditional accounting functions and towards becoming a strategic consultant for the organization. Transparent reporting and the preparation and management of data are still among the core tasks of controlling. These tasks have been amplified as much greater data control has become possible with technology.
This means more and more requirements to extract insight and value from data will be added to the areas of planning and forecasting. In particular, the creation of future-oriented scenarios as well as the preparation of corresponding business plans and forecasts. These new tasks also include deriving proposed measures to obtain increased value from improved data insights. This means the need for collaboration and cooperation only increases between business units to greater support the new strategic goals of the FP&A team and Finance.
Supporting a more cohesive FP&A strategy
To meet the demands of a more holistic and strategy-focused finance team brought by digital transformation, a new strategy is required. The FP&A team is tasked with developing this strategy.
The necessity to implement new measures comes from the Office of the CFO, which is becoming increasingly important for the overall success of the company, and impacts nearly every business function. Together with executive management, these new goals exist to advance the strategic business development, identify competitive advantages and implement them across the organization.
Strategy: Optimizing finance processes
In order to successfully drive process optimization forward, it is important to be aware of the potential stumbling blocks. This includes taking into account the demanding budgeting and planning process that requires the linking of financial and operational data. Understanding the key role, a centralized enterprise performance management strategy plays in those processes is critical. This change in mindset creates room for change. The goal is therefore the “democratization” of planning, meaning key stakeholders all play a valuable role to help progress the organization toward process optimization.
Where to begin process optimization
Launch your renewed commitment to business process optimization and learn how value can be increased across business functions and departments.
Download our whitepaper on process optimization today for guidelines on how your organization can improve key business processes for modern, enterprise-wide planning.