The final stage of the model is where you bring it all together. CFOs are becoming increasingly involved in general business strategy, and need to display a full understanding of the company’s operations.
Maximizing business information performance and driving reliable information are big parts of this function, along with leveraging data to stay ahead in an increasingly competitive business landscape. At this level, CFOs learn how to utilize the data and insights provided by the previous stages to make more knowledgeable business decisions and increase the bottom line.
The focus at this level is applying business intelligence to drive overall business growth. This centers around forming a clear data strategy and specific protocols for increasing the performance of your finance information system. In turn, it also involves increasing opportunities and expansion. You must be able to leverage financial data technology to make crucial information available to the people who need it as soon as they want it. The main goal should be putting an accessible, intuitive and automated self-service system in place to provide the necessary functionality. Continue reading
The third stage of the business empowerment maturity model involves gathering and analyzing data, forecasting financial performance and making plans based on those predictions. Everything from asset management and market differentiation to business budgeting and target setting depend on reliable business intelligence and accurate data analysis, so the structure and efficiency you developed in the earlier stages really come into play here.
Implementing a flexible, real-time system can help you create better forecasts, develop more effective financial strategies and meet future challenges head on.
The keys at this stage are improving the business intelligence process, maximizing financial analysis and forecasting performance, and improving the planning process. These are some of the most basic tasks CFOs carry out, so they may seem like easy fixes at first glance. However, there’s a lot more to making permanent changes in these areas than simple tweaks. These concepts are deeply intertwined, so small problems with your business intelligence can lead to inaccurate analysis, which then snowballs into big issues with any predictions and plans you develop. CFOs must address a number of issues to ensure that each point receives the attention it deserves. Continue reading
Once you’ve determined the best structured approach, it’s time to turn your to focus to creating efficient finance procedures. CFOs need to utilize a simple, fully integrated and real-time finance system that is able to handle a range of complex financial data, from business budgeting to internal controls accounting.
This means developing a streamlined process to access specific aspects of the company’s finances, along with the related data, all from a central location. The standard procedures you created in the previous stage can now serve as the groundwork for creating an efficient, optimized system.
Optimizing your financial data system not only saves time – it also reduces risk, cost and lost opportunity. Continue reading
In order for companies to move through the four stages of the business empowerment maturity model, CFOs must create and implement standard processes for the management and analysis of financial data, as well as statutory reporting and other organizational tasks. A standardized data-handling process is the cornerstone of the business empowerment maturity model. It’s also a powerful tool for minimizing the risk and uncertainty that often accompany financial business intelligence. These structured procedures can provide you with the ability to mitigate risk by applying uniform, universal processes across the organization.
CFOs must be confident in the information they use for finance analysis, audits, regulatory compliance and statutory reporting. You simply cannot properly analyze and measure financial performance nor create solid analyses, projections and plans without accurate and comprehensive data. However, making this elementary concept a reality can often prove to be a formidable task. The focus has to be on two main points to overcome this hurdle. First, to develop a sound data infrastructure and standardized data procedures. Second, to determine who is responsible for each task in the process, and make sure they are properly trained on the data standards. Continue reading
Increasingly CFOs are elevating Finance’s value to their organization. They are assuming key roles in plotting their businesses’ strategic direction and influencing managers to take decisions to improve performance.
They are the ones who have, or should have, visibility of the key financial data their business needs to succeed. But what can the forward-thinking CFO do to cut through the vital day-to-day tasks that can prevent them from acting strategically?
In a series of blogs, Unit4 will explain how CFOs can measure their department’s maturity and use that insight to produce an action plan to focus resources to achieve maximum results.
They will look at how CFOs can move through the four stages of the business empowerment maturity model; standardize, optimize, predict and drive, by removing structural deficiencies, free up time for high value activities and scale support sustainably.
The first two blogs focus on how CFOs can minimize risk – first by structuring financial procedures and secondly by executing processes efficiently. The concluding two blogs deal with maximizing performance – first by deploying flexible real-time analysis and finally by providing an automated self-service model.
To find out where your departments is on the business empowerment maturity model and how you can drive improvement, click here now.