Agile functions are better prepared for a wide spectrum of activities, from delivery and product innovation to leadership and organizational adaptation.
The 2019 Business Agility Report identified four key benefits for organizations that report high levels of agility:4
- Increased revenue, brand recognition and market share
- Shorter turnaround times and high-quality offerings
- Improved relationships with customers
- Greater transparency and higher employee engagement
The gains are obvious but the path to getting there may not be as evident. For the Finance function, agility should be pursued with an eye on the function’s potential role as strategic advisor. Among the questions CFOs should consider:
- Do we still have capacity to find new value opportunities, once we have met our recording and reporting responsibilities?
- What more might the business want, beyond our recording and reporting support?
- Do we have the right people, skills, data and technology to fulfill a new mission?
A focus on agility can help Finance embrace an incremental investment mindset across the function, and develop the capability to evaluate these investments based on small bets.