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Best Ideas

Best Ideas

Copyright: © 2022 |Pages: 60
DOI: 10.4018/978-1-7998-6929-0.ch010
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Abstract

During the research into the HPFF, many fine ideas that finance functions have implemented to strengthen themselves in order to become high performing were collected. These ideas that all can be tied to the HPFF factors and are thus useful to know about when undertaking an HPFF transformation were gathered during interviews with financial professionals and many case studies conducted at finance functions. In this chapter, 50 of those best ideas are discuss. They are categorized according to the HPFF factor they most support and strengthen (some of the ideas can target multiple factors) and serve as inspiration for further strengthening finance functions.
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10.1 Best Ideas For Hpff Factor “Finance Function Improvement”

The “Finance Function Improvement” factor concerns how able financials are at improving their finance function. HPFFs follow improvement actions and evaluate their progress using performance indicators. Implementation of improvements is actively stimulated and tackled in a structured manner. In addition, HPFFs conduct processes uniformly and in one place to the greatest possible extent, so that expertise on these processes is bundled. HPFFs use financial self-service through which managers can make their own reports without needing the finance function. In this section, we discuss 17 best ideas concerning the ability to improve finance processes and the processes of adjacent organizational departments.

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