We often hear about the siloes between departments being detrimental to business success. Whether this is working from disparate systems; being unable to ensure everyone across the organisation has access to the same data; or teams making decisions on which
products and services to implement for their benefit, rather than considering how this ladders back to the business strategy.
But what about managing a disconnect as it relates to the business mindset? By this I mean a lack of cohesion around how the company views success, which could well be leading to businesses making poor strategic decisions and investing in the wrong areas.
While every business strives for peak operational efficiency and high performance, getting there, let alone staying there, is a different challenge entirely. And we’ve found that if you ask people across the workforce what makes an organisation high performing,
you might get surprisingly different answers.
When considering high performance, finance teams tend to focus on having the right skills, tools and leadership stability. Leaders, on the other hand, prioritise agility, efficiency and talent retention. Even finance leaders aren’t always aligned with C-suite,
with 25% of department heads believing their CEO doesn’t really understand what high performance looks like.
One thing they do agree on at least, is that technology plays a major role in bridging this gap.
Focus on the tech your people want to use
According to 100% of leaders and 99% of finance employees, technology is resoundingly the answer to achieving high performance. As this is the case, the question then becomes what kind of tech do finance teams need to enhance their output in ways that leadership
can also see the value?
Tools that enable real-time data access and analytics (40%) and collaboration & communication platforms (37%), are now considered must-haves. Increasingly, finance teams need to stay connected with the rest of the organisation in real-time, wherever they
may be located, to ensure that budgets align with business goals and resources are allocated effectively. Collaboration platforms linking finance teams into day-to-day business planning offer a crucial resource for these teams that may otherwise be left out
of the conversation.
Cloud computing (35%) remains another priority, ensuring finance teams can access systems and storage from anywhere – mandatory in an era of remote and hybrid work and globally dispersed teams. Meanwhile, generative AI platforms (31%) for optimising workloads
and content creation are beginning to make a real impact, helping finance teams automate repetitive tasks, analyse data faster, and uncover key insights which are crucial to agile business decision making. They’re also useful for producing dashboards and easy-to-understand
visuals that can be presented to leadership and teams outside of core finance, to further bridge the knowledge gap between teams.
Lastly, finance teams say they value a single, connected platform (32%) that integrates financial, HR and payroll data. This is where finance and business leaders align – leaders want an organisation-wide view of performance, and finance teams want all their
essential data in one place.
The roadmap for finance teams and leaders
Unlocking long-term high performance is about aligning people, technology, and culture to work towards a common goal. Businesses that break down silos, invest in the right tools, and promote collaboration between finance and leadership will likely see the
benefits and reduce any frictions in workflows, processes, and decision making.
High performance shouldn’t just be a talking point in quarterly meetings; it needs to form part of a company’s DNA so that everyone understands exactly what that means for them individually, and as a collective. It’s about making sure finance teams have
the tools they need to streamline their workflows, while leaders provide a clear, consistent vision for success.
With these foundations in place, organisations can build towards peak performance and sustain it, bringing along with them motivated employees who understand their role in driving that shared success.
