What are the focus areas going forward?
The success formula for the best
Price Water Cooper (PWC) performs annual benchmark analysis of key issues in today’s business world. The PWC benchmark analysis gives you insight into what characterizes the most efficient and productive Norwegian financial functions in different industries.
In this post, we would like to highlight the 8 areas that the financial function of companies should focus on in the future, according to the analysis.
Digitization is a prerequisite for productivity and growth in all industries. Software has become more user-friendly, more cost-effective and last but not least, much more automated. Thus, it is important that the economy utilizes this technology to more fully understand what contributes to growth for the company and focus on these growth factors.
- Introduction of electronic processing of inbound invoice
The analysis shows that the most effective companies have electronic invoice management – from receiving the invoice until it is paid.
- Develop digital skills among employees in the financial function
To make the most of digital systems, it is important that employees understand the systems they use and learn to optimally utilize them.
- Focus on standardization and LEAN processes
LEAN involves uncovering unnecessary work, so companies can reduce resource utilization in internal processes and deliveries, while at the same time meeting customer needs in terms of quality and service.
Various measures can be taken to streamline the financial function:
– It’s an advantage to automate routine work to free up more time and resources for value-added activities.
– An effective reporting tool reduces the amount of time spent on manual reporting so that more resources can focus on data analysis and decision-making.
- Focus on closer collaboration across departments to share information and processes
Employees focusing on decision support are more value-creating for the company than those who spend a lot of time on operational routine work. It is also advantageous to utilize technology for delivering analysis and management information.
- Focus on clarification of roles and responsibilities
Economics workers should focus on accounting operations and common management information.
A Business Controller will understand information obtained and predict what impact it has on the business.
- Establish automated processes for control and compliance
Research shows that automated solutions have less discrepancies than manual solutions.
- Centralization of tasks in the financial function
Consider whether it is more appropriate to use crowdsourcing or outsourcing, depending on the types of tasks to be solved.
Source. PWC – Do you take charge? (Tar du styringen.)