In recent years many surveys have examined the R2R (Record to Report) process and have highlighted the uncomfortable truth that despite the large sums of money lavished on the process very few improvement initiatives can demonstrate enduring progress. The blame has partially been laid at the feet of limited automation, lack of integration and a patchwork quilt of incompatible solutions that impede the flow of information from one end of the reporting chain to the other. But past initiatives are also frequently criticized for not taking a more holistic approach. This of course begs the question; How many organizations actually empower an individual to take responsibility for the entire R2R process?
A cursory search of titles on Linkedin shows the number of individuals claiming to be “R2R Process Owners” can probably be counted in the low hundreds. Disappointingly, many companies have failed to appoint someone responsible for continuous process improvement around this crucial process. But the situation is changing for the better and while the numbers of R2R process owners may be small, they have been increasing year on year.
Meanwhile, 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 how top performing organizations approach global ownership of the R2R process in this post from last November) As always technology goes hand-in-hand with process and organization. Top performing CFOs know that appointing an R2R process owner is a vital part of building a comprehensive framework for financial governance.