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The Renewed Finance Function: Extending Performance Management Beyond Finance--A report prepared in collaboration with SAP

Sponsored By CFO Research Services

Topics:
Budgeting & Planning
Business Software

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Abstract:
Finance faces competing demands: Business managers want the finance function to play a more active role in supporting their planning and decision making, while regulatory pressures pull finance toward a turbocharged controllership role. Senior finance executives in this study reveal a desire for closer collaboration with business unit management in developing business strategy, but struggle with their counterparts' lack of knowledge of financial concepts. This report argues that by implementing performance management systems throughout the organization finance and business unit managers will have better information for developing strategy. By doing so, they will contribute more effectively to the business activities that satisfy stakeholders.

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