Into the spotlight
We tend to let those responsible for the business area decide what to do, based on our spreadsheet numbers. However, these people need help understanding the meaning behind every number. So how do we, as finance professionals, take center stage and become involved in presenting the report? One clear answer is: It starts with digitalization.
Digitalization of the finance function enables speedy delivery of the figures to the entire group; in minutes and hours compared to days and weeks. In addition to the figures presenting a real-time picture, time is freed up for analysis and advising the rest of management.
If we present a report with three-week-old figures, five minutes later, the people responsible for the business will be sitting and discussing what they should do – without us.
If financial work is to make sense, we must deliver actual figures and evaluate the business’s performance.
We need to challenge the mindset: ‘You don’t earn anything on these particular customers, so why are you holding onto them?’ Then, it is up to the people responsible for the business to decide whether to act or whether other factors make these customers worth keeping.
We must ask all departments to tell us more about the business and their strategy. This will allow us to get back to them the following month with recommendations.