Companies that are serious about improving performance and staying ahead of their competition in these volatile and changing times are constantly searching for better ways of doing things. From customer-facing functions like customer support to the behind-the-scenes finance function, best-in-class practices and processes are the hallmark of an industry leader.
High-performing enterprises embrace a culture of continuous process optimization and improvement. It’s not an option, but rather a necessity. As technology changes and continues to disrupt business, what was relevant five years ago seems as old as the dinosaurs now. C-suite executives understand that without top-performing processes they may soon find themselves out of step with their market, regulatory compliance and quickly falling to the back of the pack.
How Do You Know?
But how do you know if your processes are best in class? How do you know if you are measuring the right KPIs? Where do you stand compared to your competitors? Can you get money through the door and into the bank more quickly, or are you lagging behind the industry norms?
Ah, there’s the rub.
In order to actually know whether your finance organization is currently performing at—or near— a best-in-class level, you will first need to benchmark exactly where it stands now compared to the finance departments of other organizations.
Benchmarking becomes particularly important whenever there is immediate and ongoing pressure to drive down costs, while not negatively impacting any part of the customer experience. Just a few years ago, The Hackett Group reported that, “World-class finance organizations continue to outperform the peer group by a wide margin, up to $51 million in cost savings for a typical large company.”
The Transformation Journey
But getting from here to there can be a challenge for large multi-national organizations. Even the most disciplined firms have difficulty applying a rigorous framework to map the existing processes and benchmark KPIs across regions, while factoring in regulatory requirements, infrastructure, exchange rates and other fiscal considerations, as well as a multitude of other considerations.
Working with a process partner who has years of experience in finance transformation, insights into industry benchmarks and norms and the tools and technology at their disposal to drive change can remove many of the obstacles to change and achieving this gold-standard in best practices.
To find out how Sutherland can work with your teams to bring better processes and experiences to your internal teams as well as your end customers, we’d be happy to advise you and offer an expert assessment of your current practices.