Are You Preparing for the Coming War for Talent?

Irene Ngan's picture

Participate in APQC’s “War for Finance Talent” Survey: Are You Prepared? and find out how your organization compares to others in attracting and retaining finance talent. The impending loss of intellectual capital that will occur when the baby boomers begin to retire in droves is, and will continue to be, a top concern for CFOs.

The Urgent Need to Treat Finance Talent as an Asset

Irene Ngan's picture

Recently, I spoke on the phone with Jonathan Schiff, president of Schiff Consulting Group, about talent development within finance organizations. Schiff points out that “finance staff are being asked to do many more things with fewer people because of the headcount reductions that took place during the recession. At the same time, more key people in senior level positions are choosing to leave. They’re not going to another company – they’re really looking to retire early in their late-fifties or early-sixties.” The stresses of the job have become untenable for many.

Need for CEOs to Drive Risk Management

Irene Ngan's picture

CEOs of large, global non-financial companies are now absorbing the latest ideas and best practices in the realm of enterprise risk management (ERM). They are dispatching trained managers to spread a sense of urgency to the whole workforce and fortifying managerial processes that will systematically anticipate, identify, quantify, and mitigate major risk events when they—inevitably—emerge. What does this mean?

Aggressive for a Reason

Irene Ngan's picture

Prepared using APQC’s Benchmarks on Demand tool in accounts payable (AP), top performers measured by key performance metrics receive less than 35 percent of invoice line items electronically. It makes sense, then, that top performers have been very aggressive in embracing payables automation techniques. In fact, the Accounts Payable Productivity Index - Winter 2012 indicates that 78 percent of top performers are utilizing advanced data capture to convert paper invoices into electronic data, compared to only 43 percent of median performers doing the same.

Finance in the Cloud

Irene Ngan's picture

A scary thought for many finance professionals is utilizing cloud computing for finance functions. Benefits of cloud computing are clear: documents can be modified from anywhere at any time by anyone (with access) on any device. Though less of a new concept for other parts of an organization, some finance people cringe at the thought of storing sensitive, business-critical documents such as financial forecasts on third-party servers. A major concern is, “how secure is this?”

Retain Talent with Better Programs

Irene Ngan's picture

In a survey conducted in March 2012 by APQC and IEG, 65 percent of finance organizations have some strategy for talent development, either with a coherent, continuous strategy or intermittent attempts. However, an alarming 52 percent of those same respondents who are making an effort to develop talent believe they will suffer from talent flight once the economy truly picks up.

Financial Process Improvement - the Goals Have Become Broader

Mary Driscoll's picture

According to research conducted in March 2012 by APQC in partnership with IEG, 81 percent of large corporations are currently investing in at least one major program to improve financial management processes.  This is a marked departure from previous efforts, which were relatively narrow in scope.

Organizations Still Ripe for Payment Fraud

Irene Ngan's picture

Results from the 2012 Association for Financial Professionals (AFP) Fraud and Control Survey conducted in January 2012 have been recently published. In its eighth year, the AFP Fraud and Control Survey highlights the situation, methods, and frequency in which the majority of organizations fall victim to payment fraud.

AP Leaders Really Do It Better

Mary Driscoll's picture

The latest update of the Accounts Payable Productivity Index (APPI)* shows that investments in AP process automation can be very worthwhile. The top-performers in the index (organizations with top-quartile scores for both efficiency and effectiveness) are gaining ground in their efforts to get suppliers to submit invoices electronically.  As acquiescence grows, the pace of process innovation picks up, leading to stronger and stronger management of working capital.

USPS Move Reinforces E-invoicing

Mary Driscoll's picture

Today’s consumer is riding the latest technology wave and moving digital purchases and payments to mobile platforms. In contrast, B2B billing and payment processes remain mostly paper-based. That said, we see on the commercial side a strong and growing desire for accounts payable (AP) process automation and (more recently) adoption of accounts receivables (AR) data digitization and straight-through processing. The latter means customers can receive, process, and pay invoices without the touch of human hands.