@Risk

Today’s CFO wears many hats.

According to new research from Accenture, most senior finance executives now have an expanded scope of responsibilities, with finance overseeing programs in other departments across the enterprise.

The departments where senior finance executives most frequently said they also now manage projects include: information technology (43 percent), strategy and business development (41 percent), and human resources (39 percent). They also mentioned having program responsibilities in risk and customer service (37 percent each), procurement (35 percent), marketing and sales (33 percent), research and development (30 percent), and supply chain management (25 percent).

Accenture’s survey of more than 1,000 senior finance executives across Asia, Europe and North and South America also found that increased operational flexibility is an emerging priority. More than three-fourths (79 percent) of those polled want more flexibility in their operations to more readily respond to ongoing market changes. More than half (58 percent) said this increased flexibility would be needed across their operations for the next six to 18 months. 22 percent of the executives said they would require greater flexibility in their finance operations for a longer period of time — 18 months or more.  Fewer than one out of four (22 percent) said greater flexibility would be necessary for less than six months.

In addition, 78 percent said flexibility is needed in their planning and forecasting, rather than the traditional annual process. More than half also said they needed greater flexibility in their cost management (61 percent), transaction processing (60 percent), cash management (58 percent), performance reporting (58 percent), capital expenditure management (56 percent) and asset management (54 percent).

The new research also found that:
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Success in today’s unpredictable business environment depends on robust supplier relationships, a keen understanding of risk and skilled management of working capital. How are companies juggling this assortment of critical challenges? What steps are they taking to strengthen supplier relationships and improve working capital efficiency?

New research from CFO Research Services and Prime Revenue offers some insights. For instance, the study found that working capital management is now a high priority for most companies surveyed, and that the vast majority have deployed Supply Chain Finance or are considering doing so.

Here are a few key findings in greater detail: (more…)

During the economic turmoil of the past few years, companies have turned to their supply chains in order to maintain profits and respond to consumer demand for lower prices.

As a result, supply chain management (SCM) is now considered a core competency, according to the vast majority of respondents (82 percent) in the 2010 Global Survey of Supply Chain Progress, conducted by Supply Chain Management Review, The Eli Broad Graduate School of Management at Michigan State University and CSC, with assistance from The Council of Supply Chain Management Professionals (CSCMP) and Supply Chain Europe magazine.

The survey was completed by 164 supply chain executives from 20 different industries worldwide, split evenly between manufacturing and service organizations. The results also show that: (more…)

Those of us who work in the field know it to be true. But, now there’s new survey data that offers confirmation: These days, supply chain function is widely recognized as an integral part of successful business strategy.

The survey, conducted by the Cranfield School of Management and Solving Efeso, included more than 180 senior global supply chain professionals, and it provides insights about the strategic development and implementation process in some of the world’s leading organizations.

The findings show that about two-thirds of those polled have senior supply chain representation in the boardroom, and that supply chain management is now increasingly integrated into companies’ overall business strategies. In fact, survey participants identified alignment with corporate strategy and customer service as the leading functional drivers of supply chain strategy; the most important supply chain performance drivers were found to be cost focus, customer lead-time and customer quality. (more…)

Today’s business environment demands effective management of working capital, and that means more and more companies are turning the spotlight on their AP Departments.

It’s about time.

After all, even seemingly small AP errors can add up, becoming a constant drain on productivity, supplier relationships and the bottom-line –and complexities in today’s global supply chain only make the problems worse. In fact, new research from Sterling Commerce reveals that companies can gain significant cost benefits from updating certain routine AP practices, such as cross-border invoicing. Sterling Commerce found that by automating country-specific mandates for cross-border invoicing around processing, archiving and auditing, organizations can eliminate error associated with manual processing and reduce related penalties and fines.

According to the survey: (more…)