True Value Creation Lies in Collaboration
CFOs and their teams will only be effective if they can accelerate beyond business partnership to deliver the additional value stakeholders need. Having the right data and skills, twinned with an ability to tell stories is a powerful tool, but only if finance can effectively collaborate with its business partners.
For Kainos’ McManus, effective collaboration means breaking down silos, technological and cultural, including those within the finance function itself.
“We have about 3,000 people today across the business, with almost 30 colleagues in the Finance function. Both the Core Finance Team and the FP&A Team work truly collaboratively, so much so that there really is a very grey line separating both teams. Being users of Workday Financials and Workday Adaptive Planning has really broken down the barriers that historically separated teams within the wider Finance function – everyone is fully aware of how the processes in place to capture data connect to the processes that produce the reporting information and insights. Once you get those synergies bedded in, then you can really start to add value across the business.” he said.
At Monex, cross collaboration with other business areas is not just about creating value, but also providing employees with a path to move into other departments in the future should they wish to explore other career paths. CFO Gonzalez discussed the importance of creating a culture of collaboration to support this approach
“In my career, I started in accounting and moved into FP&A, and my teams see a similar opportunity. They can move between departments, and this increases the level of collaboration between functions. I think having the right culture is so important here. People should want to develop relationships, and having the tools and also the culture to support this really adds value to the way we work. It’s a win-win situation for Monex.”
The final word went to Workday’s Sisco who gave insights into how cross collaboration is driving value for the organisation and how in conjunction with the right technology, it can eradicate uncertainty and indecision for finance leaders.
“We sit with our business partners looking at Workday in our production system, and have conversations about what the data means. What are the decisions that we can take using this important data? I remember the times where we would just spend time debating who had the right headcount number. Was it HR or finance? And so getting rid of the debate over the data, and being able to actually spend time analysing it and making better decisions is so important,” she said.
“To do this, we need to upskill our talent to make this journey. We have to help them get from where they are today up to where we need them to be more analytical, more collaborative, more focused on being business partners driving value for the organisation.”