Current HPFF State of Finance Functions

Current HPFF State of Finance Functions

Copyright: © 2022 |Pages: 19
DOI: 10.4018/978-1-7998-6929-0.ch008
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Abstract

Since the development of the HPFF framework, extensive data collection by means of the HPFF diagnosis has taken place. This makes it possible to discuss how far in general finance functions are on the road to high performance. In this chapter, the average HPFF scores of finance functions worldwide are given, and the reasons for these scores are discussed. Potential courses of action for improving and strengthening finance functions are described. This chapter concludes with a discussion of a specific improvement opportunity: measuring and increasing internal customer satisfaction with the finance function.
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8.1 Average Hpff Scores Of Finance

Figure 1 shows the mean scores for the HPFF factors as averaged from all the responses on the HPFF questionnaire collected in the HPFF database,1 while Figure 2 depicts the average severity of the obstacles finance functions encounter while striving to become an HPFF. Table 1 shows the detailed scores for the HPFF characteristics and the finance function performance characteristics.

Figure 1.

Average HPFF scores for the finance functions collected in the HPFF database

978-1-7998-6929-0.ch008.f01
Table 1.
Scores for the HPFF and Finance function Performance characteristics
HPFF factorNo.HPFF characteristicsScore
Finance Function Improvement1In the finance function, improvement efforts are tracked and evaluated using performance indicators5,4
Finance Function Improvement2In the finance function, improvements are implemented in a structured way6,2
Finance Function Improvement3In the past year, financials have had enough time to make their work activities more efficient and effective6,1
Finance Function Improvement4In the finance function, implementing improvements is actively encouraged7,1
Finance Function Improvement5In the finance function, processes are executed as much as possible in a uniform way and in one place, so that expertise about these processes is bundled and centralized6,3
Finance Function Improvement6In the organization, managers engage in financial self-service5,1
IT Focus7The finance function is capable of implementing the latest IT software5,6
IT Focus8In the finance function, all routine processes have been fully automated5,4
IT Focus9The finance function has (a lot of) IT application knowledge6,1
IT Focus10The finance function has sufficient budget at its disposal each year to accelerate automation and digitalization of the function5,8
IT Focus11In the finance function, automation and digitalization have a high priority6,7
IT Focus12The finance function is aware of the current and newest applications and possibilities of IT software5,7
IT Focus13The finance function spends less and less time on routine activities5,9
Personal Development14In the past year, financials have followed sufficient technical training to be able to excel in their work activities5,7
Personal Development15In the past year, financials have followed sufficient personal development training to be able to excel in their work activities5,9
Personal Development16In the finance function, everyone has a personal development plan5,3
Role Clarity17In the finance function, there is a clear description of the behavioral requirements for each financial role6,0
Role Clarity18In the finance function, there is a clear description of the technical requirements for each financial role6,2
Role Clarity19In the finance function, there are specific development programs for each financial role4,9
Strategic Role20The finance function is seen as an important partner during strategic discussions6,7
Strategic Role21The finance function has important input in each decision of strategic importance6,4
Strategic Role22Other departments regularly spontaneously ask the finance function for advice when taking important decisions6,5
Strategic Role23The finance function is actively involved in all the important processes conducted in the organization6,5
Strategic Role24The finance function actively searches for possibilities for cooperation and collaboration with the business6,8
Strategic Role25The finance function performs more and more value-adding activities for the business6,7
Strategic Role26The finance function, together with the business, regularly examines possibilities to create more value-adding activities for operations6,8
Strategic Role27The finance function proactively adapts prognoses on the basis of important developments6,7
Strategic Role28The latest prognoses, as developed by the finance function, are given priority during important management decision-making6,2
Finance Function PerformanceaThe internal customer is very satisfied with the finance function.6,7
Finance Function PerformancebFinancials themselves are very satisfied with the finance function.6,7
Finance Function PerformancecThe finance function is very efficient.6,2
Finance Function PerformancedThe finance function always has an important say in the decision-making process that takes place in the organization.6,6
Finance Function PerformanceeThe finance function is highly effective.6,5

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