Cost containment remains the top financial action CFOs are considering in response to COVID (81%), with finance leaders expecting a 10% average reduction of their finance budgets in 2020. As a result, more and more finance executives are being questioned about their current shared services and finance staffing levels, and asked to do “more with less.” Benchmarks can help you identify areas of opportunity to restructure your F&A organization, reduce staff, automate, and revise focus, all part of the post-pandemic “marching orders” for Finance executives. But are all benchmarks created equal? Do general industry benchmarks reflect the specific characteristics and dynamics of your business?
Key Topics for Discussion
- What are the key benchmarks to help you measure your current finance operational performance?
- What resources are available for benchmark data?
- How should you map your business to the available benchmark data?
- Real-World examples of how benchmarking can be leverage to identify opportunities for standardization, automation and restructuring
- Proven strategies to achieve your expected efficiencies including specific finance automation tools (e.g. RPA) and outsourcing
- Tips to calculate the benefits and business case of your optimization program
- Most common implementation pitfalls and lessons learned