Finance rethought: This is how the Financial Business Partner is revolutionizing companies

Finance rethought: This is how the Financial Business Partner is revolutionizing companies

In today's dynamic business world, quick and accurate decisions are more important than ever. According to that Work Change Report According to LinkedIn, 10% of newly hired professionals already have job titles that did not exist in 2000. One of the newer designations that has become established is the Financial Business Partner (FBP), which acts as a sparring partner for the management level.

Martin Graumann from EY emphasizes that companies today have to operate in a more complex environment and should therefore make faster decisions. This responsibility often falls on financial organizations, which are traditionally only involved in strategic decisions late. Gerd Winterling from EY emphasizes the importance of financial business partnering: In order to intervene in decisions at an early stage, this role requires a strong understanding of the business model and strategic positioning.

The role of financial business partners

Integrating FBPs into leadership teams is a key step in improving decision-making. A practical example is provided by: Migros Cooperative Association in Zurich, where FBPs were introduced to involve the finance function in decision-making earlier. COO Olivier Vogel reports that financial analysis was previously often inaccurate, but the incorporation of FBPs has contributed to a noticeable increase in accuracy.

Michael Ziemer from Schüco mentions that the FBP team reviews specific investment decisions and requires significant communication skills. Graumann adds that while the transparency created by FBPs is not always convenient, it is necessary to make informed and questioning decisions.

Implementation challenges

Despite the positive effects of financial business partnering, companies face implementation challenges such as: Deloitte determines. Technological limitations, inefficient processes and the lack of suitable skills are just a few hurdles. One strategy could be to first conduct a pilot test at a specific location or product area. Once successful, FBP can then be expanded to other areas.

The importance of data and technology cannot be overlooked. The article by FPA trends shows how FP&A is evolving from a purely numbers-based function to a strategic role that combines both technological and human insights. Companies expect FP&A teams to provide forward-looking insights that go beyond traditional reporting.

To overcome these challenges, companies should take clear steps towards digital transformation. This includes identifying opportunities for improvement in existing processes, prioritizing corresponding projects and training employees in new technologies. Sustainable implementation ultimately depends on communication between accountants, controllers and the business.

In summary, financial business partnering is a central lever for optimizing decision-making processes in companies. However, it requires a clear strategy, the involvement of everyone involved and the courage to break new ground. The combination of technological tools and human understanding can make the difference between success and failure.