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Jun 2010

Improving decision-making in organisations

Finance transformation has often been considered in terms of the impact of market forces, competitive pressure and developments in information and communications technology and globalisation on the finance and accounting (F&A function). But it is also necessary to look at the opportunities to take on a broader role within the front office and the front line areas.

Decision making is becoming the basis of competitive advantage and value creation. If markets give all organisations access to similar resources globally and competition causes many routine business processes to converge on world-class standards, the quality of decision making could become the key differentiator. Finance transformation provides an opportunity for the F&A function to improve its operating efficiency and  provide high quality financial and management information to support decision making. It also provides an opportunity to improve its effectiveness by engaging finance personnel with the skills to collaborate with the business to contribute to improving decision making and business’s financial performance as finance/business partners.

The top performing CFOs are more inclined to see decision support as a major focus of their role and less inclined to see cost control as their priority. These CFOs are also more likely to have a clear vision for the F&A function that they have shared with the business.

The Economist Intelligence Unit

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Improving decision-making in organisations