11 October 2017
Oliver Wight Asia Pacific is delighted to unveil its brand new white paper, ‘The Role of Finance in IBP’. Written by Oliver Wight Partner, Mike Reed, the paper discusses the need for financial integration for a smooth-running business and a successful Integrated Business Planning (IBP) process.
As Oliver Wight has discovered, companies that have developed an effective IBP process integrate their finance community in a more robust way than most. This white paper explores how exactly this can be done and how the finance department can be transformed from employees who simply “record financial information” to those who are “Finance Business Partners”.
A core message covered in the paper is that it is essential that finance is tightly incorporated into the IBP process to support crucial decision- making processes. Additionally, and in response to organisations wrestling with a potential future where technology could replace traditional transaction work of the finance team, this paper provides a view on how the finance function can effectively become business partners through their participation in the IBP process.
“Most firms do not realise the benefit of merging the finance community with the rest of the senior workforce,” says Oliver Wight Partner, Mike Reed. “This white paper aims to establish the importance of bringing them out of the periphery and into the critical, business-improving decisions during an IBP process, in order to drive results across all areas of the business.”
Full integration means that finance should be included and play a vital role in every part of the IBP process. Being in every review meeting ensures that the financial impact of forward plans is rigorously tested and understood. It also helps the whole organisation to understand the financial opportunities, vulnerabilities and implications well into the future.