The recent economic turmoil left most companies exposed to heightened commercial and financial risks. This wrongfooted many finance teams, leading them to re-evaluate their role.
Yet at the same time, tough economic conditions, volatile markets and intense competitive pressures provided a real opportunity for finance teams to step up their influence, bringing benefits to the whole business.
A 2009 ‘thriving not just surviving’ survey found 82% of CFOs were working to improve how their team challenges and supports the business – twice the number who gave this response in 2006.
Finance business partnering is increasingly viewed as the most effective way for in house finance teams to add value.
Some high performing firms already fully embrace business partnering – in finance, HR and other functional areas – and some elements of partnering are seen in many companies.
This paper from KPMG and CIMA draws on our experience of working with organisations that have mastered finance business partnering and outlines some practical steps to implementing it.