Improving decision making in organisations: The opportunity to transform finance

The CIMA Improving Decision Making in Organisations Forum (the CIMA Forum) has noted that many leading companies have already seized the opportunities presented by finance transformation to improve the efficiency of their finance and accounting (F&A) operations and to engage F&A personnel as finance/business partners to improve decision making. Decision making is becoming the basis of competitive advantage and value creation. If markets give all organisations access to similar resources globally and competition causes many routine business processes to converge on world-class standards, the quality of decision making could become the key differentiator.

Topics covered:

Management accounting: Business: Process management, Expert
Management accounting: People: Negotiation & decision making, Expert
Management accounting: People: Collaboration & partnering, Expert

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4 Comments/Reflections

Ahamed Shibly Mohamed Farook Oct 2021

Very valuable and practically executable

Tendai Nyakurimwa Sep 2018

The article helps in improving decision making and also help finance people to embrace change that is happening in the industry. I have identified useful information that I can use in our small organisation so that we improve decision making process.
It is worthy noting that some organisations emphasizes on retreats and coming making strategic decisions that will never be used. Whereas perhaps the most important decisions are made daily by lower level staff.

I look forward to use what I have read and to share with my colleaugues.

James Muir May 2016

This report supported me in developing a project for Reporting & Review. We issues an internal survey to key stakeholders, challenging them on our current process in this area and how we can add greater value going forward.

Outcomes from this workstream included a reduction in reporting, more quality analysis and a more robust challenge process that improved decision making. Collaboration with the recipients has ensure we continually evolve in our reporting needs to meet the business demands.

The author of such reports has a clear objective in their roles to ensure reporting and review is a collaborative, evolving assessemnt.

Business

Improving decision making in organisations: The opportunity to transform finance

4 Comments/Reflections

Ahamed Shibly Mohamed Farook Oct 2021

Tendai Nyakurimwa Sep 2018

James Muir May 2016

James Muir May 2016

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