The advantages that the finance team has over all other business teams and functions are the insights they have on every other business function. Finance measure the key resource that without which, the organisation would cease to exist: cash.
The budgeting process aligns the cash assigned to organisational functions with planned output and activity. The prevailing management reporting provides your finance team with the opportunity to look beyond the financial data.
The finance team is perfectly placed to be the conductor of the orchestrated strategy and the execution plan.
By leveraging the latest planning and business intelligence tools and techniques, the KPIs that measure strategic progress fall out of the budgeting process.
This is much like the conductor of an orchestra, who is skilled at using their baton in the refined art of directing the simultaneous performance of multiple musicians through using gestures.
The finance function is also positioned to facilitate the performance of multiple business units by using your planning and reporting software. That is, your budget planning and business intelligence solutions.
At an elementary level, conducting is very simple. It keeps an orchestra in time and in rhythm. For the finance team, the monthly reporting process provides the opportunity to keep multiple business functions in time with each other. Your business intelligence solutions track the process of each function against strategic targets and facilitate the assignment of actions.
But that’s just where your influence begins; most importantly a conductor serves as a messenger for the composer. It is the conductor’s responsibility to understand the music and convey it transparently so that the musicians in the orchestra are in sync and understand it flawlessly.
This opportunity to act as a key messenger is also provided to the finance team. They serve as the messengers for the board and executives. It is a powerful responsibility of the management reporting team to understand the corporate strategy and ensure each operating function is working in unison to achieve the organisational goals.
The underpinning message conveyed via reporting is the budgeting process that establishes the KPI targets. The business intelligence solution then provides a transparent tracking of progress.
Just like the musicians that transmit a coordinated harmony of the music out to the audience, the finance function facilitates the continuous improvement within the organisation and the efficient and effective delivery of products and services to your customers.