optim2 is regularly engaged to assists organisation's in measuring the performance of their Finance function. This can include building dashboards, defining key metrics, agreeing service levels, and benchmarking between companies, or against external sources.
What are the right measures for Finance, and how
do we compare?
Performance measurement helps facilitate the continuous improvement of the Finance organisation, with three core components that optim2 is regularly engaged to assist organisations with:
better practice reviews
Finance dashboards provide the opportunity to monitor Finance organisation performance, with each team accountable for the results. Measures should be relevant and accessible, and include a balanced view which combines volume and performance metrics for each function.
Depending upon the maturity of the function, a selection of the following information may be included:
- Process (measure, targets)
- People (turnover)
- Finance (budget)
- Achievements (continuous improvement milestones)
Service Level Agreements
Service Level or Partnership Agreements provide a basic contract between Finance and the business and assist in managing expectations and performance. Key components include:
- An overview of the services provided
- Key activities delivered by Finance including business input required
- Customer requirements of Finance, and the measures that demonstrate performance
- The factors that may limit Finance to be able to meet the designed performance levels