ALMOST a third of chief financial officers and finance directors plan to recruit specialist project professionals to improve productivity in the finance function, according to Robert Half Management Resources.
Research from the interim management specialists found that a third of CFOs also plan to to leverage data analytics technology to achieve productivity gains. Streamlining processes was acknowledged as a strategy to improve productivity in finance function performance, followed by investment in performance management software and hiring additional permanent resources.
CFOs and FDs were asked: ‘With the growing need to improve efficiencies, how do you plan to improve productivity within your finance function?’ Their responses:
|Rank||Strategy||Percentage of CFOs and FDs planning to adopt this strategy|
|1||Hire additional temporary/interim resources||31%|
|=||Leverage data analytics technology||31%|
|4||Invest in performance management software||29%|
|5||Hire additional permanent resource||26%|
|6||Invest in finance automation solutions||11%|
|7||Outsource processes to third party vendors||5%|
*Responses do not total 100% due to multiple responses permitted
‘Gearing up for the next phase of evolution’
The CFOs and FDs said they could boost the productivity of the finance function by 9.63% if their strategies for improvement were introduced. More than one in ten said they could achieve productivity gains of 20% or more.
Phil Sheridan, senior managing director, Robert Half Management Resources UK, said: ‘The finance function is gearing up for the next phase of evolution, as businesses continue to expect more support from their finance teams. Businesses across the UK are seeking efficiencies in how they progress new commercial opportunities, mitigate their operational risk and reach their growth goals.
‘In the current skills-short marketplace, utilising the specialist skills of interim professionals can be a powerful strategy to effect change management in an organisation and improve productivity. At a time when return on investment is an increasing focus in both operational and commercial departments, capital outlay needs to deliver real dividends.”