Finance needs to understand the corporate umbrella strategy and each business unit strategy.
Becoming a true partner to the business will require finance to take the following actions:
Emphasize strengths, and list them
Finance should know the true value it can provide to the business. It should maximize the full potential of those strengths to increase its visibility and indispensability within the organization.
Assess current competencies
To provide the right level of strategic support, finance needs to have the necessary capabilities. Finance needs to objectively assess its current competencies and the gaps, and what it needs to do to fill those gaps.
Leverage capabilities
Once finance knows where it is most capable and has the strongest competencies, it should exploit them to show the function’s relevance in the areas where it excels as it builds the skills to support other priorities.
Use key enablers
Training, tools and technology can help enable finance resources to maximize their relevance and value to the business.
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