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CFOs urged to escape "swamp" of data management and processing.

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PositionPERFORMANCE MANAGEMENT - Brief Article

Finance directors can improve their companies' performance by taking firmer control of internal processes, according to a leading authority on performance management. Speaking at a recent finance forum in London, Jeremy Hope, research director for the Beyond Budgeting Round Table, said that many FDs needed to improve the value of the information and analysis provided by their departments.

Hope told the forum, organised by software firm Cognos, that, although the average finance function had cut its costs in recent years, it was still failing to devote enough time to supporting decision-makers. He argued that too much effort was being taken up by "measurement mania", the planning process and working towards fixed targets.

"Finance directors are stuck in a swamp of data management and business processing," he said.

Hope urged FDs to follow the example of firms such as Toyota, Unilever and GEC, which had given their finance functions a radical overhaul. "The answer is to create more time," he said. "You need to reduce the information overload, take a knife...

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