As the drive toward the digitisation of the economy continues to accelerate, businesses must look beyond traditional ways of managing performance to become more responsive and build their resilience according to Reimagining performance management, our new report in partnership with the World Business Council for Sustainable Development (WBCSD). Yet, our report also reveals that creating the performance-based corporate culture needed to support this shift, drive innovation, create value and move the business forward remains a challenge for many organisations.
In our report, we identified seven key good practices that businesses should adopt and implement to drive better business performance, including:
- Creating “one version of the truth” clear line of sight between activities and strategy to help employees develop ownership and accountability
- Factoring in relevant externalities, such as environmental and social impact, into business values and day-to day decision-making to attract and retain talent
- Engaging employees with developing and refining business strategies to meet strategic objectives
We found that finance professionals have a pivotal role to play in supporting their organisations’ efforts in better leveraging their key resources to achieve their strategic objectives. In addition to their essential role of providing management information, analysis, and insight to drive business decision-making, finance teams are uniquely positioned to facilitate the critical linkage between people and processes.