Finance function high performance capability assessment
First Claim
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1. A computer-implemented method for high performance capability assessment of a finance-based business, comprising:
- defining, by a processor coupled to a machine-readable memory, a multidimensional industry performance reference set stored in the memory and comprising multiple key assessment performance reference tables, each of the multiple key assessment performance reference tables further comprising;
a Basic performance capability level specifying Basic finance function performance assessment criteria in the finance-based business to identify a proper role of finance, the Basic performance criteria including where focus is primarily on GAAP accounting, financial performance, and traditional governance, where there is no active or effective partnering with the rest of the organization, and where the needs of internal customers has not been explicitly surveyed;
a Competitive performance capability level specifying Competitive finance function performance assessment criteria in the finance-based business to identify a proper role of finance, the competitive performance criteria including where the business actively partners with other departments but potential for better integration remains, where some business support and problem resolution advice is provided but competes with other groups, and where less time than desired is spent on high value activities;
a Market Leading performance capability level specifying Market Leading finance function performance assessment criteria in the finance-based business to identify a proper role of finance, the Market Leading performance criteria including where both traditional governance and analytics/decision support excels, where a large percentage of time is spent on high value activities; and
where a value creation mindset and financial acumen has infused the entire enterprise;
receiving, through a communication interface coupled to the processor, an input specifying an industry area in the finance-based business and an industry assessment area for analysis;
searching, by the processor, the multidimensional industry performance reference set for a matching key assessment performance reference table that matches the industry area and the industry key assessment area;
retrieving, using the processor, the matching key assessment performance reference table;
analyzing, by the processor, the matching key assessment performance reference table; and
obtaining, by the processor, a resultant finance-based performance capability level for the industry key assessment area.
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Abstract
A finance function high performance capability assessment model helps a business meet the challenges of the global marketplace. As a result, businesses can achieve the clarity, consistency, and well-defined execution of a finance functions improvement program. In addition, the finance function high performance capability assessment model helps the business to identify specific areas in which cost reductions and improvements to key areas that impact finance functions may be made and understand how to make the improvements.
207 Citations
25 Claims
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1. A computer-implemented method for high performance capability assessment of a finance-based business, comprising:
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defining, by a processor coupled to a machine-readable memory, a multidimensional industry performance reference set stored in the memory and comprising multiple key assessment performance reference tables, each of the multiple key assessment performance reference tables further comprising; a Basic performance capability level specifying Basic finance function performance assessment criteria in the finance-based business to identify a proper role of finance, the Basic performance criteria including where focus is primarily on GAAP accounting, financial performance, and traditional governance, where there is no active or effective partnering with the rest of the organization, and where the needs of internal customers has not been explicitly surveyed; a Competitive performance capability level specifying Competitive finance function performance assessment criteria in the finance-based business to identify a proper role of finance, the competitive performance criteria including where the business actively partners with other departments but potential for better integration remains, where some business support and problem resolution advice is provided but competes with other groups, and where less time than desired is spent on high value activities; a Market Leading performance capability level specifying Market Leading finance function performance assessment criteria in the finance-based business to identify a proper role of finance, the Market Leading performance criteria including where both traditional governance and analytics/decision support excels, where a large percentage of time is spent on high value activities; and
where a value creation mindset and financial acumen has infused the entire enterprise;receiving, through a communication interface coupled to the processor, an input specifying an industry area in the finance-based business and an industry assessment area for analysis; searching, by the processor, the multidimensional industry performance reference set for a matching key assessment performance reference table that matches the industry area and the industry key assessment area; retrieving, using the processor, the matching key assessment performance reference table; analyzing, by the processor, the matching key assessment performance reference table; and obtaining, by the processor, a resultant finance-based performance capability level for the industry key assessment area. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer-implemented method for high performance capability assessment of a finance-based business, comprising:
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defining, by a processor coupled to a machine-readable memory a multidimensional industry performance reference set stored in the memory and comprising multiple key assessment performance reference tables, each of the multiple key assessment performance reference tables further comprising; a Basic performance capability level specifying Basic finance function performance assessment criteria in the finance-based business to manage a cost of finance, the Basic performance criteria including where the true cost of finance may or may not be known, where there is a limited understanding of cost drivers of cost, and where no formal cost reduction program exists; a Competitive performance capability level specifying Competitive finance function performance assessment criteria in the finance-based business to manage a cost of finance, the Competitive performance criteria including where a total cost of finance has been accurately measured, where the drivers of cost are understood, and where a strategic cost reduction program has been initiated and has realized some benefits; a Market Leading performance capability level specifying Market Leading finance function performance assessment criteria in the finance-based business to manage a cost of finance, the Market Leading performance criteria including where a total cost of finance has been accurately measured, where cost drivers are understood, and where a desired cost position has been achieved; obtaining, by the processor, representative practice data of the finance-based business; evaluating, by the processor, the representative practice data to determine an industry and a key assessment area to which the representative practice data applies; searching, by the processor, the multidimensional industry performance reference set for a matching key assessment performance reference table that matches the industry area and the industry key assessment area; retrieving, by the processor, the matching key assessment performance reference table; and analyzing, by the processor, the matching key assessment performance reference table; and obtaining by the processor a resultant finance-based performance capability level for the industry key assessment area.
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15. A non-transient computer-readable memory or data storage means encoded with data representing a computer program for a high-performance capability assessment of a financed-based business, the computer-readable memory or data storage means causing the computer to perform the acts of:
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providing a processor and operatively coupling the processor to a communication network; providing one or more databases operatively coupled to the processor and accessible through the communication network; coupling an interface to the processor for receiving input; establishing a machine-readable memory in said one or more databases, including a multidimensional industry performance reference set comprising multiple key assessment performance reference tables, at least one key assessment performance reference table defining; a Basic performance capability level specifying Basic performance assessment criteria in the finance-based business where an organizational structure has evolved over time without conscious design, where shared services are used for selected transactional processes, and where use of low cost locations is limited; a Competitive performance capability level specifying Competitive performance assessment criteria in the finance-based business where an organizational structure has been consciously designed, but is not yet optimized, where heavy use of shared services center (SSCs), low cost locations, and outsourcing exists, and where ongoing efforts to refine controllership and financial planning and analysis (FP&
A) structures exist;Market Leading performance capability level specifying Market Leading performance assessment criteria in the finance-based business where an organizational structure has been consciously designed and optimized, where all transactional activities occur in SSCs, low cost locations, or are outsourced, and where centers of excellence (COEs) are used; receiving an input specifying an industry area and an industry key assessment area for analysis; searching the multidimensional industry performance reference set for a matching key assessment performance reference table that matches the industry area and the industry key assessment area; retrieving the matching key assessment performance reference table; analyzing the matching key assessment performance reference table; and obtaining finance-based resultant performance capability level for the industry key assessment area. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23)
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24. A system comprising:
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a processor; and a memory coupled to the processor, the memory further comprising; performance capability assessment model manipulation logic operable to a establish a multidimensional industry performance reference set, where the multidimensional industry performance reference set comprises multiple key assessment performance reference tables, where each of the multiple key assessment performance reference tables further comprise; a Basic performance capability level specifying Basic finance function performance assessment criteria in the finance-based business to manage finance workforce and develop finance skills, the Basic performance criteria including where finance &
accounting skills are basic, where business acumen is limited, and where deep specialization exists;a Competitive performance capability level specifying Competitive finance function performance assessment criteria in the finance-based business to manage finance workforce and develop finance skills, the Competitive performance criteria including where finance &
accounting skills are strong, where business acumen and analysis skills are moderate, and where deep specialists exist in selected areas;a Market Leading performance capability level specifying Market Leading finance function performance assessment criteria in the finance-based business to manage finance workforce and develop finance skills, the Market Leading performance criteria including where finance and accounting and business acumen skills are very strong, where deep specialists exist in all relevant areas, and where a deep understanding of value creation exists; query logic operable to; receive an input specifying an industry area and an industry key assessment area for analysis; search the multidimensional industry performance reference set for a matching key assessment performance reference table that matches the industry area and the industry key assessment area; and capability assessment logic operable to; retrieve the matching key assessment performance reference table; analyze the matching key assessment performance reference table; and obtain a finance-based resultant performance capability level for the industry key assessment area. - View Dependent Claims (25)
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Specification