A new report from The CIMA Centre of Excellence at the University of Bath (Finance Transformation – The Evolution to Value Creation) identifies 14 business partnering characteristics:
- Advises on and supports decision making throughout the organisation.
- Supports the management of risk and complexity.
- Is valued by other parts of the organisation for the support it gives to their activities.
- Is usually involved in the development and implementation of strategy.
- Always advises managers on the business implications of data it produces.
- Plays an active role in decisions on the business portfolio.
- Originates cost reduction strategies for the whole organisation.
- Is proactive in generating forward looking information to influence business strategy.
- Directly communicates with external stakeholders concerning business performance.
- Is involved in the organisation’s environmental, social and governance performance.
- Initiates and leads change.
- Leads in the identification and assessment of new business opportunities.
- Doesn’t focus mainly on financial information.
- Doesn’t undertake the traditional accounting work.
So if you are in or leading a finance function in a business, how well does your team stack up against these 14 characteristics?
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