Dell's Killer Application-Excellence in Finance-emulate this CPQ.
Greg:
Here is something worth emulating.
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NEW REPORT REVEALS FINANCIAL MANAGEMENT CAPABILITIES THAT SEPARATE LEADING COMPANIES FROM THE PACK.
CHICAGO, Nov. 11 /PRNewswire/ -- As corporate management scrambles to compete in the age of technological advances and uncertain world markets, some of the world's most successful companies are transforming their corporate financial function into a powerful, strategic weapon. Arthur Andersen and the Economist Intelligence Unit (EIU) recently captured the insights of these companies and more than 220 CFOs and finance directors to develop "Excellence in finance: Transforming the business," a research of best practices in financial management.
"Excellence in finance: Transforming the business" is the second report in a series of CFO Knowledge Programme(SM) research initiatives conducted by the EIU and Arthur Andersen. "Our earlier studies confirmed that an innovative, well-equipped finance organization is a powerful, strategic weapon in helping a company generate growth and sustain shareholder value. But defining how finance could become a true value-adding business partner was unclear for many organizations," said Patrick J. McCormick, partner, North American Finance Business Solutions Team, Arthur Andersen's Business Consulting practice. "This year's study adds clarity -- and practicality -- so that organizations can begin to transform the role of finance in their own situation."
"Increasingly, based on this year's study and our work with clients, we see that companies really are starting to understand the advantages of stellar financial practices -- and demanding that level of performance internally," said Kathy Iversen, partner, Arthur Andersen's Business Consulting practice.
Unfortunately, due to rapid change in business, the gap between organizations with exemplary financial management capabilities and those still struggling to gain footing is widening fast. "The report creates a framework for achieving world-class strategic financial management by giving financial executives an inside look at what some of the world's best companies are doing," said Cathy Lazere, senior project director at the Economist Intelligence Unit.
The study identifies common links among companies with top-flight financial organizations. For example, many financial executives reportedly share a systemic view of business believing that seemingly disparate operating processes actually work together as one system to help or harm the company's ability to make money.
At Dell Computers, just one of the many high-performing financial organizations examined in the study, "finance permeates the air," according to company CEO Michael Dell. In the case study that appears in the report, Dell explains that finance interacts with general managers and the human resources, information technology and legal staffs. "So that everyone gains a better understanding of what is going on in specific businesses," Dell says. CFO Tom Meredith and Dell stress the company is effective in managing its customer relationships and business segments because financial discipline is pervasive among all employee ranks........
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