![]() ![]() Imperative #1: Look beyond transactional activities ![]() Four moves are especially critical for delivering greater real-time insights, minimizing human error and biases, and driving speed in workflows and decision-making. While the magnitude of improvement varied among sectors, ranging from 15 to 35 percent over the ten-year period, the decline in the cost of finance departments is consistent across industries (Exhibit 1).Īchieving the next frontier in finance efficiency and effectiveness will likely require finance executives to shift their thinking from the priorities of the past. These steps are already enabling companies to join the finance-function elite-while cutting audit costs by double-digit percentages, improving data quality (and reducing wasteful data-cleaning efforts), upskilling finance teams, and enabling the function to guide better decisions throughout the enterprise. Finally, reimagine the finance operating model so that it fosters new skills and capabilities. Third, strengthen decision-making through widespread adoption of data-visualization, advanced-analytics, and debiasing techniques. Second, boost finance’s role in managing data, whether consolidating, simplifying, or controlling the flood of information flowing across the organization. The first is to cast a wider net for new efficiency opportunities, reaching beyond the transactional activities that have long been the primary focus of attention. What can companies do differently to join the finance leaders? The research points toward four imperatives.
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