The anomaly of strategy in finance today
The only way people can really be excellent is with truth, so you have to have a CFO who will have the intellectual capacity & the conviction to tell you that you’re wrong and try to support that with data.
– Anthony Noto, CEO of SoFi
Why this and why today?
Traditional finance is dead. Business has changed significantly over the last 2 decades. While this has opened up a new set of opportunities to reinvent the concepts of finance, a lot of businesses are being left behind as they grapple with issues that a proactive approach to finance could have easily avoided. All hail the new king of finance – Strategic Finance Thinking.
Starting with the misconception
We get asked every other day by businesses we meet – So what is it that you do so differently? While this has become a part of our standard conversation, its very important that everyone outside knows too.
Don’t worry. Even if you thought ‘Yes’, you are not alone. We get this question a lot. Even from some of the more established CXOs we speak with every day.
It’s just not what most businesses are accustomed to.
In fact, CXOs agree when we say something on the lines of ‘the inherent value of finance unlocks where the accounting function’s role ends’. They just don’t know how though. We explain – It is the area where management and finance become cohesive and dependent -
A proactive outlook emerges from a typical reactive thinking – Ah! the holy grail of finance.
and moving to differentiation
The core proposition of finance becomes less about the operational finance and shifts to the strategic portion which is more externalized, effective & proactive.
It is in this layer of finance that transformation really happens. Often, the bottom 3 crucial layers tend to also moon-light as the first 2 layers. But this is an area of strength for some of the consistently outperforming organizations.
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Strategic Finance, the new king
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Disclaimer: Please note that these are our views are based on our experience in being advisors and working with various organizations. They are for the limited purpose of educating and not meant to be diagnostic or advisory. How these apply to your business can vary significantly based on the context, stage and nature of the business. The authors and the company expressly disclaim all and any liability to any person who has read this information, or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance merely upon the contents of this article or post or document. You are requested to seek expert assistance for any implementation.