Financial Performance Management - Achieving A Global One Truth
Over the past decade, businesses have sought to enhance Value Adding Financial Reporting by aligning diverse users of financial performance data and streamlining multiple data inputs. A robust technology platform is essential for Finance Managers to convert insights into actionable information for key business decision-makers. A global leader in skylight and roof window sales began this journey years ago, establishing a central services organization under the guidance of their CFO. By outsourcing and automating traditional accounting processes, they eliminated redundancies and improved efficiency, allowing the finance team to focus more on supporting business operations. The company then adopted a Beyond Budgeting approach, shifting from historical budget comparisons to monthly updated forecasts, which prompted strategic discussions and routine course corrections. This transformation necessitated a unified IT platform, resulting in what they call the "ONE TRUTH" Financial Data Source. As the business continues to grow through acquisitions, the Finance Performance Management team emphasizes turning data into decision-making capabilities, leveraging automation and advanced analytics to maintain their leadership position. The collaboration between IT, finance, and business leaders is crucial in synthesizing data from across the organization to ensure effective insights are readily available.
By: olivermathew
22-Oct-2024 06:42 pm
User Website : https://www.managefinancemagazine.com/news/financial-performance-management-achieving-a-global-one-truth-nwid-31.html
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