CFO Role in Overhauling the Performance Measurement System
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Should the CFO (or the finance group) take the lead or play a key role in overhauling the firm's performance measurement system? Why or why not?
What are the major payoffs from overhauling the performance measurement system?
What are some pitfalls in design and implementation? Where does corporate culture fit in the process?
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The solution discusses if the CFO (or the finance group) should take the lead or play a key role in overhauling the firm's performance measurement system.
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Should the CFO (or the finance group) take the lead or play a key role in overhauling the firm's performance measurement system?
Yes, the CFO or the Finance group should take the lead or play a key role in overhauling a firm's performance measurement. This is mainly because the performance measurements systems incorporate both non financial and financial measures in routinely measuring the performance of business units against the set performance targets. It is therefore imperative that the CFO or finance team be a major player in the overhauling of the system as they are the ones who give can effectively provide projected financial performance of the company based on the past financial data.
The goal of the performance measurements systems is to measure the profitability improvement in various areas n the business. The role of the financial function within an organization is not only to ensure proper financial record keeping but to also monitor and evaluate the financial performance of every unit of the business. Performances such as employee productivity, or asset ...
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