As businesses strive to accomplish more from less, there is intense pressure to lower operational and transactional costs within departments. In doing so, businesses can gain from the constrained level of resources – such as low-cost global talent, reduced capital and basic infrastructure – that they are currently operating in.
In most companies, there exists an inherent division between the various divisions and the finance function – this is especially so in the case of marketing. The Chief Financial Officer (CFO) is, more often than not, viewed as someone who is intent on slashing the marketing budget; while the CFO is of the opinion that the marketing team fails to effectively explain the basis and return on investment on communication spends. The result is the creation of silos between the two departments. From the point of view of the marketing team, this division can often lead to lack of financial commitments to marketing and sales campaigns. On the other hand, finance executives like to point out that without their stewardship, marketing can let costs get out of hand. The fact is that finance team can be an effective partner to achieve any business goal. Hence, Re-devising Finance and Accounting Services is one of the key drivers of business effectiveness today.
Continuing our series on Customer Experience Innovation, this article discusses innovation within the customer experience via Re-devising Finance and Accounting Services. Customer Experience Innovation is one of the four key management disciplines identified by the Corporate Executive Board towards achieving 'Intelligent Growth'. How Finance and Accounting Services could 'outperform' through 'intelligent growth' is outlined below.
An ‘intelligent growth’ agenda requires the following vital components for the Finance and Accounting (F&A) function:
Be Ambidextrous – Focus on Strategic and Operational Transformation of the F&A Function
- Continuous risk management / value at risk analysis – market, operational, customer, capital market changes. According to the Deloitte survey, only 30 percent of business stakeholders believe they have a strong compliance and risk management capability.
Plan of Action
An ‘intelligent growth’ agenda requires F&A to improve both its efficiency (cost-to-serve) as well as effectiveness (addressing strategic revenue and operational challenges). At WNS, a leading BPO (Business Process Outsourcing) company, we see a set of common success factors that are driving the outperformance strategies of our clients and market leaders:
- Driving value from the business value chains through continuous communication of business performance measurements and forecasts:
– Leveraging the Investor Relations role as a strategic corporate marketing opportunity to build investor confidence and thus access to funding sources to act on dynamic business opportunities as well as increase confidence in stakeholders (customers, partners, suppliers and employees).
- Developing a long-term investment pool and business success criteria measures. The Deloitte survey states that 50 percent of stakeholders feel that there is lack of understanding between investments made (program costs) and business outcomes achieved.
- Partner with business leaders in analyzing and acting on opportunities arising out of market segment and business portfolio analysis (mergers and acquisitions, joint ventures, alliances) – from executing changes to:
Finance leaders need to seize the opportunity and proactively define their change vision. WNS is working with a number of clients to help them execute the transformation of their F&A functions in order for them to become more strategic and aligned with their business goals. WNS has helped transform the finance function of some of the world's leading organizations, enabling them to reach their 'outperformance' goals. WNS has been positioned by Gartner, Inc. in the Leaders Quadrant in the 2011 Magic Quadrant for Comprehensive Finance and Accounting (F&A) BPO report.* The Magic Quadrant, which evaluates a qualified group of 16 vendors in the comprehensive F&A business process outsourcing market, depicts markets using a two-dimensional matrix that evaluates providers based on their 'completeness of vision' and 'ability to execute'. This placement comes close on the heels of a recent recognition for WNS among the top five '2010 FAO (Finance and Accounting Outsourcing) Market Star Performers' by the Everest Group in April 2011. WNS was identified as an FAO star performer for the second consecutive year based on maximum year-on-year advancements across market successes and delivery capabilities for FAO from 2009 to 2010 for over 20 FAO service providers.
WNS enables its clients to accelerate their transformation journey via its state-of-the-art finance business process management centers. Key highlights of strategic changes enabled by WNS are showcased as under:
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Finance and Accounting
01 January 2022
28 December 2021
01 February 2022