Organizations Strive to Ensure Alignment Between Values and Purpose for Practicing Continuous Improvement
MORRISTOWN, N.J., April 5, 2023 /PRNewswire-PRWeb/ -- The Financial Education & Research Foundation (FERF)—the independent non-profit research affiliate of Financial Executives International(FEI)— today released the findings of its report, "Going the Distance In the Face of Adversity: How Private Companies Are Driving Continuous Improvement In Finance and Thriving." The report found that during times when the business climate proves to be quite challenging, the C-suite is seeking to develop a methodology that will better position their organizations for long-term growth.
The concept of continuous improvement is now accepted as standard practice in many companies. The report examines how organizations have approached the concept over the past two years and what they are doing to tackle the current business environment and prepare for the future. While optimization and growth goals are shared by financial leaders across the board, approaches differ. However, one key theme resonated above all others -- "organizations need to ensure they have alignment between their values and their purpose for practicing continuous improvement; this alignment fosters the development of a clear plan and increased adoption across an organization [Going the Distance; page 3]."
"Continuous improvement has always been an important part of planning and optimization for any organization and goes hand in hand with leadership and innovation," said Andrej Suskavcevic, CAE, President and CEO of FEI and FERF. "As businesses look to stay competitive, now more than ever, leadership finds the process essential to cost reduction initiatives while maintaining operational excellence, and competitive success. This special report seeks to give our members insight into what is top of mind for their peers and how to best move to a new level of effectiveness by removing inefficiencies and accelerating opportunities for growth."
The survey results, coupled with insights obtained from interviews with finance executives, found that ninety-seven percent of companies identify the areas for improvement through a management review; eighty percent rely on employee suggestions and thirty-two percent look to external consultants. Technology, talent, and process are three of the most impactful areas of focus for accelerating change in an organization followed by data quality, operations and other functions. Many finance professionals report acting as valued partners in achieving continuous improvement by driving change and keeping accountability via established budgets and proven metrics. In addition, having someone on the management team own the program efforts is essential to driving the culture, attaining consistency and ensuring emergencies don't derail any efforts, in order to achieve lasting success.
The complete report can be found here, or by visiting http://www.financialexecutives.org/Research.
Methodology and Sources
The Financial Education & Research Foundation conducted a research study designed to deliver the insights financial leaders at private companies need to pioneer long-term growth. This report and the insights herein are derived from a survey of more than 150 members of Financial Executives International and interviews with financial executives and other subject matter experts.
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About Financial Education & Research Foundation, Inc.
Financial Education & Research Foundation (FERF) is the non-profit 501(c)(3) research affiliate of Financial Executives International (FEI). FERF researchers identify key financial issues and develop impartial, timely research reports for FEI members and nonmembers alike, in a variety of publication formats. FERF relies primarily on voluntary tax-deductible contributions from corporations and individuals, and publications can be accessed at https://www.financialexecutives.org/Research.aspx.
About FEI
Financial Executives International (FEI) is the leading association and advocate for the views of corporate financial management. Its members hold policy-making positions as chief financial officers, chief accounting officers, controllers, treasurers, and tax executives at companies in every major industry. FEI enhances Member professional development through peer networking, career management services, conferences, research, and publications. Members participate in the activities of local Chapters in the U.S. FEI is located in Morristown, NJ. Visit http://www.financialexecutives.org for more information.
Media Contact
Lili DeVita, FEI, 1+973.765.1021, [email protected]
Claudine Cornelis, Crimson Communicates, 1+845.424.6342, [email protected]
SOURCE FEI
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