With the demands of today's economy, most companies are being pressed to drive greater efficiency into their operational processes. While there are many opinions regarding the timing of the recovery, most industries envision medium- to long-term improvement in their markets. Accordingly, many are focusing on efforts that drive increased efficiency and scalability into existing operations. Finance and accounting leadership often is tasked with both identifying opportunities and driving these changes due to a number of factors.
- Their historic ownership over key components of recurring general and administrative costs
- Their linkage to multiple functions through the ownership of both financial reporting and planning and forecasting
- A growing awareness that there can be significant opportunities for optimizing core financial processes by leveraging technology to minimize manual effort
While many organizations have renewed their interest in outsourcing, others are realizing significant improvement by taking time to standardize finance processes. Specifically, they are integrating acquisitions made in prior years and better leveraging existing technologies. Both of these approaches help to create a scalable organization that can grow without a dollar-for-dollar increase in the cost base.