The 6 Components of the Finance Function
The Business Partnering Institute (BPI) released an easy to consume and visual guide named Developing an Effective Finance Operating Model. BPI’s model includes 6 components they consider critical to building or transforming a finance team equipped to successfully operate in the future.
The components include:
- Culture
- People
- Process
- Governance
- Organization
- Technology
They felt it necessary to split up Culture and People where normally strategy has them as being in the same category. It is difficult to think of Culture without People and vice versa, but perhaps they felt this would provide heightened focus on each one.
This BPI guide is very light on content, making it more similar to an infographic. That said, any CFO considering a transformation or launching a new team can benefit by using this material as a checkbox to ensure no important components are left out of consideration in their strategy.
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