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The Executive Overview Series: Value CreationPublished by: Business Intelligence Published: Jan. 1, 2004 Table of Contents1. Ten critical success factors for building tomorrow's finance function 2. The value-adding finance function 2.1 New roles, key objectives and opportunities Case Report: Royal Bank of Scotland's focus on value-adding roles Case Report: Burger King's five-prong transformation programme 2.2 Summary - the transformation agenda 3. Managing change to beyond budgeting and other new financial processes Case Report: Re-engineering follows restructuring at EDS 3.1 Key lessons for managing the transition to a beyond budgeting regime 4. Methods for measuring and growing shareholder value Case Report: Improving performance the ABC way at DHL 4.1 Key lessons for measuring and growing shareholder value 5. Managing and reporting balanced performance measures Case Report: BT's corporate scorecards track and improve performance 5.1 Key lessons for measuring and managing balanced performance measures 6. Adding value to the finance function with IT Case Report: Cutting costs and improving service through e-procurement at Halifax 6.1 Adding value to finance function with IT 7. Creating a shared financial services centre 7.1 Key lessons for creating a shared services centre 8. Outsourcing finance operations 8.1 Key lessons for outsourcing finance operations 9. New skills requirements for the finance function Case Report: Customer-focused finance at Rolls Royce Defence Aerospace Business Unit 9.1 Key lessons for acquiring new skills for the finance function 10. A six-step change process 10.1 Adding value: the key challenge for the finance function 10.2 A six-step change process AbstractFor finance to shake off its bean-counter image, the function must find a greater value-adding role within the organization. Ultimately, this has to be reflected in its improved contribution to the strategic management of the organization. The Executive Overview shows what needs to be done, the agenda for change and how finance can transform its role.
Internally, the challenge is to deliver routine services more cost-effectively while increasing support for more strategically valuable activities in budgeting, forecasting and decision-making. Externally, there are opportunites to enhance relationships with investors, shareholders and analysts. One of ten critical success factors identified for improving value creation has to be the development of a customer-culture within the function. The executive overview defines the roadmap that will enable finance to add greater value and summarises the new skills and capabilities that both finance directors and staff need to develop.
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