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They need more talent. Full stop. The best avenue for attracting talent for them has always been the draft.
Defining the Finance Organization
Deliver Financial Excellence and best practices consistently through strategy, people, processes and intelligent systems
We learned that you can never turn a wolf into a pet dog.
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In 2010, the Martin Aircraft Company introduced a jetpack it called "the world's first piratical jetpack." The jetpack even won a spot in Time's Top 50 Inventions of 2010. While its development has been on since 1981, the world's first jetpack is known to have flown in 1958. It was designed by Wendell Moore, a researcher at Bells Aerosystems. Early prototypes of Wendell's jetpack could reach a height of 5 meters (16 ft) and remain airborne for three minutes. This attracted the attention of the US Army, which funded the project with $150,000. Several test flights were later done for the US Army and even for JFK himself. The army later stopped paying for more research into the project because the flight time and distance were not convincing enough. NASA also wanted to use the jetpack for their Apollo 11 mission to serve as backups in case their lunar module malfunctioned. They later changed their minds, going for the lunar rover instead. After this setback, Bell discontinued further research on the jetpack.
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Designing a finance organization and its target operating model is not drawing boxes on a sheet of paper and is more than an organization chart that delineates the direct and indirect reporting relationships between different positions. Deloitte’s structured approach on Finance Organization provides a common view on the target business organization and defines or clarifies your vision and how the strategy can be operationalized.
CFOs also have to address multiple stakeholders and conduct their teams towards more business partnering, enhancing proactivity in seeking value creation for the organization from a Finance perspective. This deeply impacts how finance would like to execute its 4 main roles (also called “4 faces of the CFO”): Strategist, Operator, Steward and Catalyst.
- Finance organization structure: your organization’s efficiency and effectiveness is heavily determined by its organizational structure of which characteristics are the organization model (e.g. functional vs. process), the number of layers (organizational levels having supervisory responsibilities) and the span of control (the number of people reporting directly to one individual).
- Systems & information: we help you assess the level of maturity of your technology and identify areas for improving the way systems are supporting people and processes: process automation, simplification and system rationalization are key examples of areas of focus.
- Executive clarity - having a common language for communication, comparison & change as well as a clearly defined understanding of the business. It also outlines the future size & shape of the organization.
- Local finance transformation & optimization - opportunity to truly optimize the size, shape, structure and delivery of the business.
- Strategic finance cost reduction – deeper than short-term cost cutting, a review of all Finance & Operations (incl.sourcing) is required to fundamentally change the cost/income ratio.
- Getting the ‘house in order’ – anticipating in order to have a clear articulation of the organization’s composition and its’ base lining.
- Strategic re-orientation – systemic issues within the organization and major corporate re-directions will require some unconstrained thinking. Reorganizing the Finance enables this process.
- Acquisition consolidation – a Finance Reorganization will highlight where the operational and IT synergies will come from and support the integration process.