Business stakeholders have always needed a key point of contact within finance to provide answers and guidance. As the importance of data-based decisions has grown and the role of finance in providing inputs for such decisions has evolved, some organizations have formalized the role of the finance business partner (FBP). Other organizations seek to weave business partnering responsibilities into existing roles within the finance team. Regardless of the structural approach, there is a need for business stakeholders and the finance function to specifically define the expectations and possibilities of finance/business partnerships.
In the third quarter of 2022, APQC conducted new research on the effectiveness of the finance business partnership. The research explored the nature of such partnerships, the skills and competencies of effective finance business partners, and the barriers to effective partnership.
The survey responses represent business professionals across all function areas in the industrial products industry.