Something to Consider August 2018 – Top Performance Balances Risk, Opportunity & Innovation
Should we be referring to our Chief Financial Officers as Chief Financial Innovators instead?
Gone are the days of finance being viewed as just a back office function, and providing “rear view” mirror data no longer supports the needs of the business. There is a need for data and analytics to help deliver integrated one-office innovation, supporting new business models, products, and services and helping guide the company into new territory.
“Badmin” such as spreadsheets, constrained ERP systems, and manual processes increase risk, stifle creative thinking, and are a recipe for disaster from a governance perspective and are a quick way to ensure nothing innovative is happening!
Forward thinking-finance teams need to maintain the balance between innovation and control, thereby helping their companies push the boundaries in smart ways that are backed by analytics while also keeping an eye on the bottom line.
An interesting discussion from former CFO Tom Crawford, on our finance leaders finding the balance. You can find it here
Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.