Many CFOs excel at cost-cutting but not all of them go beyond that and focus on optimizing business value. Cost optimization is a continuous process that companies need to embrace. While it is possible that most companies by now have optimized almost every operation they could, there is more than one way to attain the desired goal.
Growth oriented finance masterminds in a company should be able to make things work with a good mix of technology and business costs optimization methods for excellence in productivity while preparing for continued financial effectiveness as well as digital improvisation.
CFOs can bring effect into their business strategizing tactics by arranging the company’s investment priorities with the long-term plans, in order. They should be able to filter out mainstream and non-mainstream priorities to avoid giving birth to new necessities.
Gaining knowledge and information outside of the typical activities such as taking the help of external talents and outsourcing the expertise, will enable the finance function to be divided for individual attention and made effective across all types of business models. Here, you can ascertain what the elemental and non-elemental activities within the finance functions are forming a balance of operations managed in-house and those short-term outsourced services which will strike a cost-effective mode of working.
Every company has its own individual character, professional maturity and the level of the implementation of the finance function. A multi-dimensional approach in making the finance functions effective will greatly reduce costs while ensuring productivity and help build the ideal business model.