- Finance Strategy
- Finance Benchmarking
Finance Benchmarking: Assess investments and performance optimization fast and objectively
World-class finance organizations continue to outperform the peer group by a wide margin, up to $51 million in cost savings for a typical large company. They deliver services at 46% lower cost with greater effectiveness and require 52% fewer full-time equivalents (FTEs) per $1 billion in revenue.
Unrivaled insights that drive process improvement and finance transformation
Our finance benchmarking services provide access to the unparalleled information and resources that are part of The Hackett Group’s proprietary Best Practice Intelligence Center™ – a repository of critical processes, benchmark data and business best practices developed from more than 17,850 business benchmarking projects conducted at the world’s leading companies.
Our unrivaled benchmark data gives insight into the performance and business best practices of peers and world-class finance organizations. This insight includes more than 1,809 finance metrics that can help you to:
- Understand current capabilities
- Assess performance relative to business value and strategy
- Identify and prioritize improvement opportunities that offer the greatest potential return
- Highlight and address areas of risk
- Plan, manage and accelerate your journey to world-class performance
What makes the difference?
Our business benchmarking services focus on three drivers of world-class finance performance:
- Factors that drive demand for finance function services, such as complexity (geographies, legal entities, regulatory environment) and volatility (rate of change, M&A activity)
- Structural factors such as business practices, strategies, service delivery model, staffing levels, skill sets, and technologies used
- Execution/realization of value, including performance as measured by costs, productivity, resource allocation and value
Then, we use proprietary business benchmarking methodology to quantify your gap to world class – comparing your finance function’s ability to execute efficiently (cost and productivity) and effectively (quality and value). We examine comparable organizations so you can see how the best do it and define continuous process improvement steps relevant to your own finance function.
Impact beyond finance function borders
Business processes and systems inextricably link your finance function with other enterprise functions. Process improvements in one area may have a ripple effect on others; for example, improved IT controls may result in more reliable data for decision-making in finance.
Our business benchmarking approach examines efficiency and effectiveness not just within the finance function, but also with a view toward the impact across your enterprise.
Quantum Leap, our digital benchmarking and continuous process improvement platform, helps ensure your organization captures quantifiable benefits from benchmarking. Quantum Leap streamlines the benchmarking process, enabling you to cut your efforts by half while extending the power of benchmarking into a continuous improvement capability. Its ability to simplify data collection, intelligently assess performance gaps, and generate world-class solutions can enable and accelerate your improvement.