Finance teams are the cornerstone of collaboration

Collaboration in the workplace matters, it’s how the best work gets done. The challenge is getting it done in a way that adds genuine business value.

Working in the same organisation might mean that there is an accepted overall objective, but this does not mean that everyone buys into the shared vision or agrees on the same path to success. This provides an opportunity for the finance team to remind colleagues of what the organisation is trying to achieve, and how.

CFOs focused on creating closer ties between the finance team and the rest of the organisation should focus on the contribution of the financial planning and analysis (FP&A) function. Especially as FP&A teams have the analytical skillsets and business knowledge needed to provide data-driven insights to support and inform collaboration, idea generation and agile decision-making.

People across the business are now interested in this type of rigorous planning that includes all data, from sales and marketing to operations and HR. This shift has come in part due to the pandemic and because businesses need the full picture. Historically, the kind of analysis FP&A teams provided was financial data.

But the world has moved on. By gaining access to previously inaccessible numbers, teams can make better and more accurate decisions.

The finance team is the cornerstone of collaboration

Shared knowledge is the cornerstone of effective collaboration; it provides a frame of reference, allowing teams to interpret situations and make better decisions, helping people understand one another better, and increases efficiency.

It’s critical for organisations to collaborate and move forward in unison, making decisions together, quickly. This can only be a reality if they’re supported by a common set of data, intuitive planning tools and a culture that supports open dialogue. CFOs need to work alongside their peers across the business to build trust and a true partnership culture.

Developing an effective approach to collaboration starts with the organisational strategy, and the problems it is trying to solve. Additionally, by understanding the internal capabilities and expertise, decisions can be made of which approach to take.

Teams that create multiple scenario plans to understand the impact of their decisions and weigh up the trade-offs between the various options available, are well placed to succeed. Regardless of the collaboration approach, good quality conversations and meaningful decisions are powered by shared and trusted data.

To make sure that everyone is on the same page so that errors of interpretation do not occur, leaders should embrace technology and data, reinvent core processes and leverage new collaboration tools. Leveraging technology to make faster, more informed business decisions, with remote working employees all collaborating from a single data source, is an investment well made.

For further information, including how to drive data-driven collaboration, download our FP&A collaboration guide