{"id":28556,"date":"2018-08-21T11:20:32","date_gmt":"2018-08-21T11:20:32","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=28556"},"modified":"2018-08-21T11:20:32","modified_gmt":"2018-08-21T11:20:32","slug":"the-strategic-role-of-the-finance-function-the-path-to-relevance-by-aubrey-joachim","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/the-strategic-role-of-the-finance-function-the-path-to-relevance-by-aubrey-joachim\/","title":{"rendered":"The strategic role of the finance function: The path to relevance – by Aubrey Joachim"},"content":{"rendered":"

The strategic role of the finance function: The path to relevance –
\nby Aubrey Joachim<\/span><\/h1>\n

\"Aubrey<\/a><\/p>\n

During my term as Global\u00a0<\/span>President of CIMA nearly a decade\u00a0<\/span>ago, the theme I chose for my year\u00a0<\/span>of leadership was a single word \u2013\u00a0<\/span>\u2018relevance\u2019. The word relevance is\u00a0<\/span>perpetual. It is contextual to when\u00a0<\/span>it is used. It is extremely applicable\u00a0<\/span>to the finance function and the\u00a0<\/span>finance professional of the day.\u00a0<\/span>They must be relevant to the audience\u00a0<\/span>they engage with.
\n<\/span>
\nAt the time I flaunted the word\u00a0<\/span>it was clear that the role finance\u00a0<\/span>played in organisations was shifting\u00a0<\/span>from one of being\u00a0<\/span>passive and reactive to<\/span>
\none that was more proactive.\u00a0<\/span>Management\u00a0<\/span>accountants had to\u00a0<\/span>shift their focus from\u00a0<\/span>just historical financial\u00a0<\/span>statement preparation\u00a0<\/span>to participating\u00a0<\/span>in actively managing\u00a0<\/span>their organisations.\u00a0<\/span>Today that expectation\u00a0<\/span>has jumped many\u00a0<\/span>notches.
\n<\/span>
\nEvery major global\u00a0<\/span>accounting body is\u00a0<\/span>boldly promoting their\u00a0<\/span>members as \u2018business\u00a0<\/span>leaders\u2019 who can strategically\u00a0<\/span>take organisations\u00a0<\/span>forward. The\u00a0<\/span>challenge is for finance\u00a0<\/span>professionals to live\u00a0<\/span>up to this high expectation placed\u00a0<\/span>upon them when they are employed\u00a0<\/span>in industry and commerce.\u00a0<\/span>In an attempt to force this realisation\u00a0<\/span>professional accounting\u00a0<\/span>bodies have not only enhanced the\u00a0<\/span>learning of strategy related subject\u00a0<\/span>matter in their syllabi but also\u00a0<\/span>included strategic case studies in\u00a0<\/span>examining the competence of their\u00a0<\/span>students. CIMA (UK) was one of<\/span>
\nthe first global accounting bodies\u00a0<\/span>to introduce strategic case studies\u00a0<\/span>into their examinations to \u2018roadtest\u2019\u00a0<\/span>students\u2019 ability to think strategically.<\/span>
\nToday, most professional\u00a0<\/span>accounting bodies do so.
\n<\/span>
\nFinance professionals are the\u00a0<\/span>best placed in their organisations\u00a0<\/span>to provide strategic decision support\u00a0<\/span>and lead from within. While\u00a0<\/span>strategic outcomes are the responsibility\u00a0<\/span>of every function in an\u00a0<\/span>organisation finance is able to recognise\u00a0<\/span>and coordinate the entire\u00a0<\/span>sequence from strategy formulation\u00a0<\/span>to planning, budgeting,\u00a0<\/span>forecasting, and\u00a0<\/span>performance management.\u00a0<\/span>This role is crucial\u00a0<\/span>in driving strategic\u00a0<\/span>outcomes and tangible\u00a0<\/span>wealth creation in\u00a0<\/span>organisations. In effect\u00a0<\/span>finance professionals\u00a0<\/span>play a key role in strategy\u00a0<\/span>execution.
\n<\/span>
\nWith robotisation and\u00a0<\/span>automation relieving\u00a0<\/span>finance of the transaction\u00a0<\/span>processing and\u00a0<\/span>other bottom end tasks\u00a0<\/span>that it once performed,\u00a0<\/span>finance professionals\u00a0<\/span>are increasingly being\u00a0<\/span>called upon to add strategic\u00a0<\/span>value.
\n<\/span>
\nMany finance professionals\u00a0<\/span>do not recognise\u00a0<\/span>this opportunity to step up to a\u00a0<\/span>more important role. Finance professionals\u00a0<\/span>do not realise that unless\u00a0<\/span>they play an active role in organisational\u00a0<\/span>strategy their involvement\u00a0<\/span>in budgeting, forecasting and\u00a0<\/span>management reporting is merely<\/span>
\nmechanical and could also easily\u00a0<\/span>be robotised. It is only through contribution\u00a0<\/span>to strategic thinking that\u00a0<\/span>they can really contribute to tangible<\/span>
\nvalue creation.
\n<\/span>
\nWhat therefore constitutes strategic\u00a0<\/span>involvement for finance?\u00a0<\/span>There is much ambiguity around\u00a0<\/span>the meaning of strategy in organisations.\u00a0<\/span>Strategy really is a set\u00a0<\/span>of decisions and actions taken\u00a0<\/span>by an organisation to achieve an\u00a0<\/span>outcome. In commercial organisations<\/span>
\nthe ultimate outcome is\u00a0<\/span>almost always value creation \u2013 for\u00a0<\/span>two parties; a customer to whom\u00a0<\/span>value is delivered by way of a product<\/span>
\nor service, and the organisation\u00a0<\/span>that hopefully derives profit.
\n<\/span>
\nCritical strategic thinking is what\u00a0<\/span>enables an organisation to deliver\u00a0<\/span>customer outcomes and shareholder\u00a0<\/span>wealth. It is in this space that\u00a0<\/span>finance professionals can exert the\u00a0<\/span>biggest clout.\u00a0<\/span>At the heart of any organisation\u00a0<\/span>is a business model that enables the\u00a0<\/span>delivery of value. Such business<\/span>
\nmodels must be strategically nurtured\u00a0<\/span>and managed. Today every\u00a0<\/span>business model is being disrupted.\u00a0<\/span>The basic business model of bringing<\/span>
\ntogether a buyer and a seller at\u00a0<\/span>a village market has evolved into\u00a0<\/span>what is now the giant online platforms\u00a0<\/span>such as Amazon and Alibaba\u00a0<\/span>where almost anything is bought\u00a0<\/span>and sold. The business model of\u00a0<\/span>radio and television has been disrupted\u00a0<\/span>by the digital platforms of\u00a0<\/span>Spotify and YouTube.
\n<\/span>
\nWhat do such shifts in business\u00a0<\/span>models mean to the customer value\u00a0<\/span>proposition and the organisational\u00a0<\/span>cost structures? This is where smart<\/span>
\nfinance professionals must work\u00a0<\/span>alongside business managers to\u00a0<\/span>innovate new business models, commercialise\u00a0<\/span>the outcomes and optimise<\/span>
\nthe organisation\u2019s financial\u00a0<\/span>position. This requires a high level\u00a0<\/span>of commercial curiosity and critical\u00a0<\/span>thinking.<\/span>
\n
\nThe complexity of managing\u00a0<\/span>organisations is increasing.\u00a0<\/span>Managers across the entire business\u00a0<\/span>require significant strategic\u00a0<\/span>decision support in their quest\u00a0<\/span>to achieve the strategic outcomes\u00a0<\/span>required of them in their respective\u00a0<\/span>roles. This is the opportunity\u00a0<\/span>for finance professionals to step in,\u00a0<\/span>lift their game and play a key role\u00a0<\/span>in working alongside such managers\u00a0<\/span>in jointly delivering business\u00a0<\/span>value. Traditionally finance\u00a0<\/span>professionals have helped manage\u00a0<\/span>organisations in the context of a\u00a0<\/span>rear view mirror providing after\u00a0<\/span>the fact information to these managers.
\n<\/span>
\nThose days are long past. In\u00a0<\/span>today\u2019s dynamic business environment\u00a0<\/span>managers must be provided\u00a0<\/span>with forward looking insight that\u00a0<\/span>will support their decision making\u00a0<\/span>to best effect. This is a major mindset\u00a0<\/span>shift for finance professionals.\u00a0<\/span>It is however opening up new\u00a0<\/span>opportunities for them to excel in.
\n<\/span>
\nThe shifting landscape of the\u00a0<\/span>finance function is driving the\u00a0<\/span>next generation finance professional\u00a0<\/span>into new and exciting areas.\u00a0<\/span>While the accepted domains of\u00a0<\/span>traditional finance such as regulatory\u00a0<\/span>reporting and governance\u00a0<\/span>controls have their place, the\u00a0<\/span>new playing fields for the finance\u00a0<\/span>professionals are in the areas of\u00a0<\/span>strategy, business performance,\u00a0<\/span>big data and analytics as well as\u00a0<\/span>the use of leading management<\/span>
\naccounting tools such as activity\u00a0<\/span>based methods, balanced scorecards\u00a0<\/span>and dynamic budgeting and\u00a0<\/span>forecasting.
\n<\/span>
\nThese new pursuits are supported\u00a0<\/span>by powerful technology both in\u00a0<\/span>the hardware and software space.\u00a0<\/span>In addition the proliferation of\u00a0<\/span>huge amounts of data must be harnessed.\u00a0<\/span>Finance professionals do\u00a0<\/span>not have an excuse for not playing\u00a0<\/span>a strategic role in their organisations.<\/span>
\nThis is the only way for\u00a0<\/span>them to be relevant.
\n<\/span>
\n[The writer, FCMA, CGMA, is a past\u00a0<\/span>Global President of CIMA (UK). He is a\u00a0<\/span>global trainer and presenter and works\u00a0<\/span>with large organisations on finance\u00a0<\/span>transformation initiatives. He also runs\u00a0<\/span>public and in-house workshops in\u00a0<\/span>Sri Lanka.]<\/span><\/p>\n

Source: FT Sri Lanka<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The strategic role of the finance function: The path to relevance – by Aubrey Joachim During my term as Global\u00a0President of CIMA nearly a decade\u00a0ago, the theme I chose for my year\u00a0of leadership was a single word \u2013\u00a0\u2018relevance\u2019. The word relevance is\u00a0perpetual. It is contextual to when\u00a0it is used. It is extremely applicable\u00a0to the finance […]<\/p>\n","protected":false},"author":3,"featured_media":24820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,4525],"tags":[3912,4699,4700],"class_list":{"0":"post-28556","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-aubrey-joachim","9":"tag-aubrey-joachim","10":"tag-global-president-of-cima","11":"tag-president-of-cima","12":"post_format-post-format-aside"},"yoast_head":"\nThe strategic role of the finance function: The path to relevance - by Aubrey Joachim<\/title>\n<meta name=\"description\" content=\"During my term as Global\u00a0President of CIMA nearly a decade\u00a0ago, the theme I chose for my year\u00a0of leadership was a single word \u2013\u00a0\u2018relevance\u2019. The word relevance is\u00a0perpetual. It is contextual to when\u00a0it is used. 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