finance best practice
TRANSCRIPT
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Table of Contents
Executive Notes 1
Introduction 2
Is Cost All That Matters? 3
Whether to Outsource or Share Services 5Conclusion: A Checklist for a Strategic Finance Function 11
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BEST PRACTICES IN
CREATING A STRATEGICFINANCE FUNCTION
An SAP/APQC Collaboration
by Katharina Muellers-Patel
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2006 by SAP AG. All rights reserved. SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver, and other SAP products and services
mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other
countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data con-
tained in this document serves informational purposes only. National product specifications may vary.
These materials are subject to change without notice. These materials are provided by SAP AG and its affiliated companies (SAP
Group) for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors
or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the
express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an
additional warranty.
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EXECUTIVE NOTES
In the wake of recent accounting scandals and in the
increasingly competitive business environment,
many CFOs and the finance organizations they lead
have started to take on new strategic roles within the
enterprise. They are aiming at enforcing stricter con-
trol processes to ensure legal and regulatory compli-
ance, offering strategic insights into the internal and
external business environment, and connecting the
business strategy with daily operations through per-
formance tracking.
The trend toward a more strategic role is echoed bythe responses of participants in recent research con-
ducted by APQC, an internationally recognized non-
profit organization that provides best-practice
research, metrics, and measures. The participants
indicated that, three years down the road, they antic-
ipate spending 30% more time on decision support
and management (see Figure 3). According to the
same research, however, in spite of their aspirations,
participants have not made much progress toward a
greater strategic role. Finance organizations, no mat-
ter what their size, report to APQC that they still
spend almost two-thirds of their time on transaction
processing and controls and only one-third on deci-
sion support and management.
The difficulty in evolving the finance role lies in
bridging the current gap between the finance func-
tion that emphasizes greater efficiency and the
finance function that becomes a partner in manag-
ing the business. The best companies have found that
reaching the goal of a more strategic finance func-
tion warrants a two-step approach, as follows:
1. These companies improve the efficiency of thevarious functions that come under the finance
umbrella and, in the process, free up corporate
resources for other activities. As one global trea-
sury manager put it, We must develop a finance
function that is as efficient as it can be, replicate it
globally, and then use it effectively to help us
quickly establish brands and enter new markets.
Companies like this one choose a variety of
approaches to streamline and automate finance
functions while ensuring that they keep cus-
tomers happy (in the case of shared-services
arrangements).
2. With the efficiency of the transaction and control
functions assured, these companies can turn to
devising a more strategic approach for finance
giving finance not only more of a decision-
making responsibility in risk management and
compliance but also a proactive role in managing
the daily cash position and thus increase resourcesfor quick strategic moves.
One global consumer products company took a two-
step approach to a more strategic path for finance. In
the first step, the company developed a more effi-
cient cash management, accounts payable, and
accounts receivable group of functions in its world-
wide operations, based on greater transparency of
information. In the second step, the company devel-
oped straight-through processing along every level
of the finance function, leveraging its global reach to
maximize cash management efficiency, foreign-exchange exposure, and the global supply chain to
help fund growth, participate in new marketing and
distribution arrangements, and comply with world-
wide regulations.
Given the current state of the finance function in
U.S. companies, the challenges to that function, and
the road map to increasing its strategic capabilities,
the following article will share the results of SAP
research as well as APQCs Open Standards
Benchmarking CollaborativeSM (OSBC) research. The
OSBC research is the first global set of common stan-dards for business processes and data, giving organi-
zations an independent, authoritative resource for
evaluating and improving business practices.
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The research group encompasses awide sampling of organization sizes.
Although the majority of respondentsare billion-dollar-plus organizations,2
their size in terms of revenue andnumber of employees covers acomplete spectrum, as depicted inFigures 1 and 2.
INTRODUCTION
Benchmarking is an important tool that finance
organizations use to stay competitive. It allows them
to determine the value of adopting best practices and
changing business processes. To assess the trends in
the finance function and identify best practices,
APQC has evaluated the performance of more than
130 finance organizations as part of its OSBC
research.1 The research included the following key
processes:
Financial strategy and planning
Internal controls
Treasury
Revenue accounting (order to cash)
General accounting
Fixed assets and project accounting
Accounts payable and expense reporting
Tax
Payroll
Study Demographics
1. As of August 2005
2. All monetary amounts cited herein are in U.S. dollars.
Figure 1: Organization Size by Revenue
39%
19%
13%29%
$1 billion$10 billion
$100 million$1 billion
$10 billion
Figure 2: Organization Size by Number of
Employees
39%
16%14%
31%
50010,000
100,000
10,000100,000
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Figure 4
Staffing Profile(Percentage ofFTEs of Total)4
IS COST ALL THAT MATTERS?
Despite more than 10 years of lip service paid to the
idea of a strategic finance function and the increas-
ing strategic demands on finance most companies
admit that, while they do want to focus more on
decision support and management, they are in reali-
ty still spending almost half of their time on transac-
tion processing (see Figure 3).
However, some f inance organizations have already
made significant progress on their journey to
becoming a strategic business partner, as illustrated
in Figure 4. First-quartile performers allocate only
30% of full-time equivalent (FTE) time to transaction
processing, enabling them to invest 45% of their
resources in decision support and management
activities.
The right staffing mix, however, does not necessarily
imply cost-efficient operations. From an overall cost
perspective, the survey identified three importanthighlights, as follows:
Finance costs tend to be relatively lower for
larger companies.
Among companies with comparable revenues,
there are still significant cost differences.
The main source of differences are the types of
organizational structure for finance (for exam-
ple, whether there are shared services and the
level of centralization) and the type of IT (the
level of automation or degree of systemic
integration).
The first insight is not surprising, as larger compa-
nies would be able to leverage economies of scale (see
Figure 5).Figure 3: Finance Organization Time
Allocation3
3. APQCs OSBC research data
4. APQCs OSBC research data
Today In Three Years
44%
30%
21%
18%
17%
23%
21%
26%
-11%
+3%
+7%
+15%
Decision Support
Management
Control
Transaction Processing
30% 25% 25% 20%
44% 21% 18% 17%
60% 20% 10% 10%
FirstQuartile
Average
FourthQuartile
Transaction Processing
Control
Management
Decision Support
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However, within each revenue band, some compa-
nies had as much as 16 times higher finance costs
than other companies with approximately the same
revenues (see Figure 6).
Among all the cost drivers, however, the extent to
which the company established shared services is the
strongest driver for cost efficiency (apart from rev-
enues). It is logical that, in line with the focus on
transaction processing, personnel represent the
largest cost element, on average, comprising 65% of
all finance function costs (see Figure 7).6
SAP research has shown that leading companies
maximize the efficiency of transactional activities asa first step on the road to a more strategic approach.
One globally diversified industrial manufacturer, for
example, has been coping with the complexities
inherent in an acquisition growth strategy that
resulted in more than 60 acquisitions and an almost
equal number of divestitures (55 in all). The CEO
wished to hone in on the segments in which the
companys product line led the market and exit
those from which it derived no competitive advan-
tage. While the strategy succeeded and growth was
maintained, operational difficulties began to show
up. Each of the acquisitions brought along its own
type of IT system; each had its own finance function
and its own approach. The result was a nightmare
for the CFO. Working with a benchmarking firm to
determine which finance functions were not in the
top quartile of productivity, he found that finance
transaction processes clearly needed to be changed
to mirror best practice.
The CFO decided that a shared-services arrangement
would help increase productivity, especially for
transaction-based functions. He decided to start by
developing a shared-services arrangement with pay-
roll, which suffered from inefficient processes and
lack of automation. The result was world-class. The
financial center now operates so effectively that it
has begun to show a profit when employees ask forextra processes (cash advances, stop payments, man-
ual checks, and so forth). The internal customers
whose staff members use direct deposit and the self-
service portal are charged less than those whose
employees prefer paper transactions. The keys to
success are the use of service-level agreements and a
well-thought-out performance management process
to establish and track productivity goals with
customers.
10.00%
1.00%
0.10%0.10%
0.01%
Revenue
$10MM
$100MM
$1BN
$10BN
$100BN
Figure 6: Total Costs as a Percentage ofRevenue
Revenue
Business Unit
Revenue
SME50MM
Medium500MM
Large5B
EnterpriseRevenue
Average 5.4% 5.7% 1.1% 1.0%
Median 2.7% 0.7% 0.6% 0.8%
5. APQCs OSBC research data
6. APQCs OSBC research data
Figure 7: Finance Function Cost Allocation
65%
6%
12%
9%
8%PersonnelSystemsOverheadOtherOutsourcing
Figure 5: Finance Costs as a Percentage of
Revenue5
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If you want to reduce costs or improve service levels,
should you move to outsourcing, or is shared ser-
vices the answer? Outsourcing is becoming increas-
ingly prevalent as a way to decrease costs for both
large and small companies. For example, APQCs
OSBC research found that when three or more func-
tions are outsourced, average costs of finance as a
percent of revenue are only one-fourth of those costs
without outsourcing.
Companies normally approach outsourcing in
stages, with payroll and tax among the first to beoutsourced and fixed assets, general accounting, and
accounts payable and expense as part of a second
wave (see Figure 8). Finance strategy and planning,
internal controls, and treasury are not typically out-
sourced; revenue accounting and order to cash
might emerge as another outsourcing application in
the future.
The outsourcing strategy varies among industries
and sizes of companies. Order-to-cash functions are
not widely outsourced today, except notably in the
public utilities and energy sectors. In these indus-tries, where the number of customer payments is
high and customers tend to get behind in their pay-
ments, many companies outsource both their
accounts receivable and credit functions, processing
all customers through outside services. At the point
when collection becomes critical, the utility can
concentrate on enforcing collection rules where
necessary, while the outsourcing service continues to
deal with the majority of customers who do not
overstep the rules.
In a similar way, small to midsize companies have
begun to outsource as a way to gain efficiencies they
cannot otherwise obtain. While a shared-service
arrangement can pay off for a large company, this
approach does not always work for a smaller firm
that does not have the volume of transactions neces-sary to gain the associated efficiencies. On the other
hand, outsourcing provides obvious advantages for
companies that are not as complex or large.
Companies also like to use shared services: when
managed well, shared services can improve process
effectiveness while helping decrease costs. The OSBC
research found that the lowest-performing compa-
nies most often had not implemented shared services
for any function and, as a result, incurred the high-
est cost of the finance function as a percentage of
revenue (see Figure 9).
One consumer products company made the move
toward shared services and gradually improved the
performance of the finance function. The company
optimized both IT systems and organization. The
person in charge of finance shared services
Figure 8
Outsourcing Waves7Order to cash has thepotential to become a morefrequently outsourcedprocess.
7. APQCs OSBC research data
20%
40%
0%
0% 60%30%
PayrollTaxInternal
Controls
Treasury
Revenue Accounting(Order to Cash)
Financial Strategyand Planning
AP/Expense
GeneralAccounting
Fixed Assets/Project Accounting
Wave 1 OutsourcingNot Typically Outsourced
Wave 2 Outsourcing
Outsourcing Penetration (% Participants)
OutsourcingGrow
th(%)
WHETHER TO OUTSOURCE OR SHARE SERVICES
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consistently improves the function by measuring
and tracking improvements. This companys transac-
tion center has become largely automated, freeing
up finance employees to perform more value-added,
customer-oriented financial work.
Another example is a global pharmaceutical compa-
ny that has used shared services for more than 15
years and simply changed the technological founda-
tion. The company had developed a philosophy of
centralization as part of its long-term strategy to
standardize, reduce costs, and increase control andeconomies of scale as it embarked on a path of
growth through acquisitions in the 1990s. Accounts
payable has been a shared service ever since. The
process was run on various legacy systems but then
upgraded to an overall enterprise resource planning
(ERP) system that handled the parent companys
transactions. Now, however, the company realizes
that processes cannot be made more efficient with-
out changing the technology again. The company is
experimenting with a fully integrated procure-to-
pay approach that will require integrating systems
and developing the omnibus measurement system
necessary to track transactions.
In another case, a large utility turned to shared
services with the initial intent of increasing cost
efficiency. The utility, which serves a large metropol-
itan area, is diverse and decentralized. The customers
of the shared-services center pay for its costs in pro-
portion to the benefits they gain. Performance mea-
sures are based on the results of shared services from
other utilities around the country. The flexibility of
the payroll shared-service system has helped the
company streamline processes and dramatically
reduce cycle time. The unit more quickly isolates
problems (such as employees who do not enter the
required number of hours) and addresses them
before a payroll run. Continual benchmarking
against other companies in the same industry helps
the utility firm find places to consolidate and elimi-
nate duplication of effort.
Besides the cost efficiency inherent in these improve-
ments, an unforeseen benefit of shared services is
that employees in the payroll function can take on
other responsibilities with a longer-term impact,
such as developing new-hire orientation programs
and providing training programs in financial man-
agement. As the finance function takes on more
strategic roles, it has been able to provide a new level
of incentives for its employees and has seen its histor-
ically high turnover rate moderate over time.
Figure 9
Impact of Shared Serviceson Overall Finance Costs8
Finance Costs as % of Revenues with Increasing Usage of Shared Services
8. APQCs OSBC research data
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MORE EFFECTIVE IT LEADS TO MORE
EFFICIENT FINANCE FUNCTIONS
APQCs OSBC research reaffirmed that more effec-
tive use of technology helps companies achieve
greater levels of efficiency and gradually frees up
personnel for more strategic tasks requiring more
thought and managerial capacity. First, the OSBC
research showed that companies with a higher
degree of automation have lower overall finance
costs.9 Companies that had automated more than
66% of their finance processes had average financecosts of 1.2% of revenues, while companies with less
automation had average finance costs of 3.0% of rev-
enue. For example, companies that relied on manual
techniques or spreadsheets for cost accounting and
cost management had average costs three times as
high for that process ($2.21 per $1,000 of revenue)
than companies with an automated process (only
$0.72 per $1,000 of revenue).
Even more interesting, APQC found through the
OSBC research that while more automation means
decreased costs, little automation even impedes
reporting. For example, more than two-thirds of
companies with less than 33% automated processes
were unable to provide process cost data. Only 32%
of companies with more highly automated processes
were unable to provide detailed process cost data.
Looking further into the impact of automation, the
OSBC research found that packaged financial soft-
ware (versus custom applications or spreadsheets
combined with manual processes) is used in most
core finance processes, including accounts receivable
and payable, payroll, general accounting, and f ixed-asset accounting. As a result, companies have suc-
ceeded in reducing staffing levels in these areas (see
Figure 10). On the other hand, less than 40% of the
companies that submitted data to the OSBC research
database had off-the-shelf software implemented in
the areas of cash management and planning, budget-
ing, and forecasting. These areas were among the
most staff-intensive processes within the finance
function.
The OSBC research also found a correlation between
the level of cost decrease and the lack of IT
A shared-services unit provides centralized management andexecution of specific activities on behalf of multiple users(such as business units or sites) using common processesand systems. Shared services acts as a business partner forits customers that are composed of different divisions andfunctions within the same company. Each customer agrees tothe quantity, quality, and cost of services provided, and costsare charged out based on usage. Most companies actuallyformalize service agreements between the shared-services
unit and its internal customers.
Shared-services units are generally evaluated on the followingperformance metrics:
Cost Customer service (cycle time, percent of errors) Utilization and productivity External benchmarksDefining Shared Services
9. In terms of APQCs OSBC research, a process is not considered automated if it is manual or if spreadsheets are used.
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complexity. OSBC research participants reported that
their average costs decreased dramatically when they
used a single instance of ERP software and a com-
mon chart of accounts (see Figure 11). When they
used multiple instances or even multiple applica-
tions, the cost was more than 50% higher than with
the single instance and common chart of accounts.
MORE EFFECTIVE IT ENABLES MORESTRATEGIC FINANCE FUNCTIONS
The use of an integrated ERP system by the finance
function also paves the way to a more strategic
approach. If a company establishes a more integrated
process, planning and reporting cycle times are
reduced significantly, providing data for critical deci-
sions much sooner and enabling improved decision
making by company executives. For example, look-
ing at budget preparation cycle time or closing of
monthly accounts, APQCs OSBC research revealedthat companies relying heavily on manual processes
or spreadsheets took an average of 90 days to prepare
their annual budgets, versus an average of 62 days for
companies relying on an ERP system. The OSBC
research also showed that companies with a rolling
forecast reduced annual budget preparation time to
60 days from 85 days on average. The average OSBC
research participant generated $330,000 in cost sav-
ings each additional day the budget cycle time was
reduced (through technology and improved
processes).
Given the improvements possible through the effec-
tive use of ERP, finance professionals confirmed that,
moving forward, IT would take over more of the
transactional aspects of the function, while they
would take over decision support and financial
10. APQCs OSBC research data
11. APQCs OSBC research data
Vendor Package
Manual/Spreadsheet
Custom
*
*Includes A/R
Figure 10: Application Usage and Labor
Allocation by Finance Function10
Planning/Budgeting/
Forecasting
Cost Accounting/Cost Management
Evaluating andManaging
Financial
Performance
Single-instance accounting
software/ERP, common
chart of accounts
$1.60 $1.69 $1.87
Multiple instances or
multiple accounting
software applications
$2.62 $3.55 $3.21
Figure 11
Comparison ofSingle-Instance ERP
versus MultipleInstances/Multiple
Applications(Cost of the Process per$1,000 in Revenue)11
% of Total Payments for Application Usage BarChart; Average Headcount Allocation % in Circles
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management activities, helping to make the finance
function more strategic. This forward thinking is
revealed in the OSBC research: despite the current
focus on processing transactions, OSBC research
respondents all indicated that, three years hence,
they would be more involved with decision support
and management activities, underscoring the basic
importance of these more strategic capabilities (see
Figure 3).
These respondents reflect the fact that CFOs and
finance functions must deal with a wealth of newdifficulties, including many that are at the heart of
the companys strategic goals such as increasing
shareholder wealth. The CFOs function has become
pivotal to a companys health in the following ways:
Balancing revenue generation against cost
efficiency
Assessing risk daily
Siphoning off risk into the future through
sophisticated use of derivatives
Managing earnings expectations and the need to
create shareholder value Mitigating the deleterious ef fects of exchange-
rate fluctuations
Managing the companys compliance process to
make certain it meets governmental regulations
Yet it is difficult for the finance function to manage
the earnings flow and shareholder expectations for
those earnings, given increasing global competition
and regulatory constraints. To achieve excellence in
finance requires a greater attention to balancing
operational efficiency and strategic effectiveness. The
foundation for both is a great deal of analysis, data,
and management time devoted to each, as well as
more automation of nonstrategic, operational
processes, freeing up staff to perform the data
collection.
AN EXAMPLE OF A STRATEGICFINANCE FUNCTION
A global consumer products company has created
highly successful strategic finance functions based on
a four-phase approach and using software from SAP.
The end point: complete transparency of financial
data across all global divisions. The CFO believes that
cash generation is the lifeblood of a consumer prod-
ucts company, affecting all parts of the organization.
Cash, in fact, is the barometer of the success of the
companys brand-building exercises; sales indicate
the strength of the brand and generate the cash that
allows the company to fund its brand-building activi-
ties in new regions and new product areas. To devel-
op the capability to monitor and understand the
companys cash f low, however, the CFO realized he
had to take care of endemic and chronic inefficien-
cies and data difficulties in the following areas:
Cash management
Foreign-exchange processes
Funds transfers
Month-end closing and accounts receivable
The problems with cash management were symbolic
for the CFO of the root of all other evils. The process
was essentially manual, took most of the day, and
resulted in many mistakes. That led to missed fund-ing opportunities in the commercial paper market,
whose rates rise during the day; seizing opportunities
required understanding the cash position immedi-
ately at the start of the day. From there, according to
the CFO, the finance function could achieve all
other strategic objectives.
In Phase One, the company standardized and estab-
lished new processes to reconcile bank accounts
daily, concentrate cash, determine a final number to
borrow or invest each day, improve control, enhance
accuracy, and pare down the number of FTEsinvolved in the function. In another development,
global vendor payments were integrated with the
bank payment systems, and customer receipts posted
to the general ledger. Each day, the company could
then reconcile all global account information.
Contracts in the ERP system were linked to the daily
cash position, providing performance reporting and
investment calculation.
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In Phase Two, the CFO integrated the systems of the
offshore divisions into the main system. That tactic
assures he can see the state of cash management in
operations around the world.
Phase Three involved implementation of straight-
through processing, whereby payments are transmit-
ted directly to the bank from payment data. A single
platform uses payment files extracted from the SAP
accounts payable and treasury applications for all
types of payment. In effect the central treasury
department has become the house bank for all of thecompanys far-flung subsidiaries. The company
believes straight-through processing eliminates costly
errors caused by processing different payments in dif-
ferent countries. In addition, the straight-through
processing of foreign exchange has cut down on diffi-
culties in reconciling payments and revenues in the
30 or more currencies in which the company
operates.
Phase Four completed the process of developing this
strategic approach. This final step entailed entering
all foreign-exchange and commodities hedging con-
tracts into the system, enabling the company to rec-
oncile them itself without going through a third-
party processor. The company went so far as to do
away with all manual processing in accounting for
derivative contracts, as well. Not only did the compa-
ny reduce costs, but it also created the type of trans-
parency and audit trail necessary to truly comply
with the Sarbanes-Oxley Act.
10
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The best companies, and their CFOs, recognize the
importance of ready access to the right information
to drive the right choices between different variables.
To help determine whether your finance function is
moving toward a strategic approach, take a moment
and decide whether your system does the following:
Accelerates closing processes through automa-
tion, workflow, and collaboration
Improves business analysis and decision support
by providing historical and forward-looking
views, including benchmarks Deploys performance management tools that
analyze the company and its resources
Maximizes cash flow through improved billing,
receivables, collections, payments, and treasury
management
Increases effectiveness of compliance efforts
through comprehensive auditing, deeper report-
ing, and management of internal controls
(Sarbanes-Oxley)
In addition, a truly integrated systemic foundationshould help you achieve the following:
Develop a closed-loop management process of
strategy formulation, communication of goals,
and measurement
Monitor the performance of strategic key suc-
cess factors using external and internal
benchmarks
Use tools that support a financial planning
process that integrates global strategic planning
and specific operational planning problems in a
closed-loop process
In a similar way, you can also determine whether
you are on the right track if your financial software
provides the following:
A single source for financial information (a pre-
requisite for managing business processes
beyond financials more effectively)
More timely access to accurate data, improving
communication between finance and operations
Increased alignment between front- and back-
office applications, enabling management to bet-
ter administer and track business strategy anddecisions
Reduced cost of compliance with industry regu-
lations (U.S. Financial Accounting Standards
Board and Sarbanes-Oxley)
Improved security and controls and reduced risk
of contractual and regulatory noncompliance
Improved predictability, particularly with budget
One CFO admitted, Until we began to appreciate
the importance of simplicity in thinking through
our finance function and making it more strategic,we did not realize the way that technology can help
you deal with complexity, and allow you to achieve
the strategic goals finance should achieve.
ABOUT APQC AND THE OSBC
RESEARCH
The OSBC research helps executives benchmark
within their industry as well as with best-in-class
organizations with comparable processes. Spear-
headed by nonprofit research firm APQC, the OSBCresearch standardizes the processes and measures
that organizations worldwide use to benchmark and
improve their performance. After contributing per-
formance data to the OSBC database, participants
receive custom reports, at no cost, comparing their
practices to top performers and relevant peers to
pinpoint improvement opportunities. For more
information, call 1-800-776-9676 or 1-713-681-4020.
CONCLUSION: A CHECKLIST FOR A STRATEGIC
FINANCE FUNCTION
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