E-Business has a far reaching impact on finance – J.D.’s finance management best practice channel is live !

News categories: the New Economy economics, the new role of finance and New Economy financial management

To support their company’s migration to e-business, leading chief financial officers (CFOs) reinvent their finance functions wholesale – structure, processes, systems, and skills. They progress toward a new vision that connects virtual business and financial operations with advanced analytic software applications to turn data into information into knowledge for use across the extended enterprise. By linking the company’s own financial processes and systems with those of e-business partners horizontally and by extending integration vertically to support value-based decision making and communication, a new generation of financial software application suites empower finance professionals to play their role in sustaining optimal performance.

The CFO and financial professional have to focus on four major tasks for empowering finance for E-Business and to enable their company’s to harness the full power of the new economy:

· Restructure the finance function to become more efficient and nimbler

· In their role as economic coach they have to support their company and business managers in reducing physical assets and improving operative efficiencies to built intangible assets through value chain analysis, asset disposals, working capital improvements, increasing intangible asset values and reducing operating costs. In addition they have to provide support for leveraging networks, working with business partners, entering electronic marketplaces, and developing and participating in new economic models trough competitive financing, business planning, broadening shared services, outsourcing business processes and IT applications, and attracting and allocating resources.

· Provide economic methods and tools to empower executives, managers and knowledge workers to exploit the full value of the company’s tangible and intangible assets to both generate short term profit and long term value for shareholders and stakeholder

· Reengineer financial processes, leverage the potential of new collaborative business models for the financial supply chain to reduce cost and working capital and to improve convenience and increase value for customers in interacting with the company in financing, payment and settlement transactions

About these and other interesting topics on “New Finance” you will find information, articles and presentations, expert links and book recommendation in Juergen Daum’s New Economy Management Best Practice Channel on Finance

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