Finance Business Partnering in the Modern Organization

Abstract

Unprecedented changes in the economic environment in last 25 years resulted in tremendous business and organizational challenges, which enterprises had to face. Companies have had to use and their resources in the most efficient way to increase their value and live up to market’s and shareholders’ expectations. One of important resources are finance departments, which have been subject to spectacular changes in this period. Expectations of both internal and external stakeholders induced a serious metamorphosis of senior finance roles from balance sheet and procedures guards to strategic business partners actively participating in decision making process and opening new opportunities for the organization. At the same time, finance departments’ structures has been completely refurbished to free up time spent for value adding activities. The aim of the article is to indicate changes which finance departments have been subject to in recent years as well as look into competencies required to succeed in the new business reality. Special focus is put into the concept of the business partnering being a key success factor in the enterprise finance roles. Author describes also a few examples of further potential changes, which in coming years will impact finance departments’ activities and should drive the acquisition of new competencies by finance specialists.