From Average To World Class – Mindset

From Average To World Class – Mindset


This article was written by our partners, Finance Analytics Institute. To learn more about them, visit their website here: Finance Analytics Institute

In this, the third of four articles, we shall explore the Mindset or the “start button” for how to advance towards a World Class Strategic Partner.

The Finance group is the bedrock of a business. It offers control and on-going financial measurement to assist defining and meeting plan. It is the trusted score-keeper. However, this should only be a stepping-stone to the broad value Finance can bring to its business if it aspires to be world class and become the strategic partner of the business.

Going from trusted score-keeper to strategic partner begins with an aspirational Mindset on how Finance perceives its contribution to the business’ decision process.

The trusted-scorekeeper focus is on reporting numbers timely and accurately to the business and do basic variance analysis commentary. The strategic partner use data to provide analytical insight to influence decisions makers and impact the strategic direction.

As presented on the figure below, the path from the “average” trusted score-keeper to the world class strategic partner goes through four types of personas: Reporter, Commentator, Advisor, and Strategist. The journey involves understanding how to innovate Finance by improving the analytical skillset and systems toolbox to provide insightful and predictive information.

The Reporter supports the business by providing reports containing hindsight information. This Persona has demonstrated expertise with spreadsheets and spends much time capturing data from different BI data cubes/spreadsheets/transactional sources to consolidate into other spreadsheets. The Reporters are focused on providing the business with timely, accurate, and accessible financial information.

Continue reading more on this topic on our partners website: Finance Analytics Institute – FROM AVERAGE TO WORLD CLASS – MINDSET