Recent Hackett Research indicates that organizations with top-performing end-to-end processes have a higher level of adoption of enterprise-wide ownership than peers. (see chart below)
This has been a long time coming and I for one am very pleased to see that the people involved in finance transformation finally get it; putting a global end-to-end process owner in place is the only way to ensure the organization benefits from the efficiency and effectiveness that this will bring to the process.
We have recently concluded a European Roadshow with our Clients and Partners which involved around 150 finance professionals where merely asking for a show of hands on “Who has global R2R ownership” highlighted that this is now a recognised and necessary role. Asking the same question of 2 years ago would have seen about 80% less hands in the air.
So what is driving this adoption?
Organizations objectives to cut the ‘cost of finance’ are one lever. However, the need to be more effective as a business partner whilst continuing to drive efficiency is also key. If establishing an enterprise-wide, end-to-end process owner is going to really transform your Record-to-Report process you will require enabling technology to deliver the visibility, governance and controls that will allow the global process owner to monitor, measure and deliver on your business objectives.