The modern finance function must move faster, sharing insight about what’s happening now, not what happened yesterday – this is operational intelligence.
Finance is the natural home of key business data. The department that has always held the most important numbers. Now those building a truly modern finance function are becoming connectors for the wider organization. A hub for collaborative relationships built around shared data. Data that drives better, faster decision-making.
Collaboration is a key component of success, but the traditional interactions between finance and the rest of the organization don’t exactly make for a transition to an easy, warm relationship. From budgeting to expenses, finance is easily seen as more of a necessary evil than a valued partner.
The modern finance function is powered by partnerships with different units across the business. In many organizations, those relationships have not been developed and instead the sales and marketing teams have grown their influence. The modern finance function can offer a great deal to these departments, in terms of insight and operational intelligence. The first step to enhancing finance’s role is not to displace these other influences on the organization, but to empower them, demonstrating finance’s role and its value.
Communicating added value is key to overturning negative notions, and that starts with understanding the challenges that other parts of the organization are facing that finance is uniquely equipped to solve.