Why is there a need for a business finance academy?
The way we run businesses is changing and so is the role of business finance, playing an important role of driving value creation with the business.
Whilst organisation and reshaping of finance competences have taken place, the following challenges remain evident.
Globalisation and functional expertise embedded in the value chain are taking place and in particular for Business Finance who plays a key role in ensuring impact across the value chain.
Transactional accounting is being outsourced, and data and reporting are moving away from the central head office functions and closer to execution in the business units.
Organisational capabilities providing for efficient strategic execution, agility and navigation on disturbances are key development areas for organisations.
Accelerated digitalisation provides new standards for business intelligence requirements and performance management.
Substantial focus on value chain optimisation, value creation and cost optimisation.
The Business Finance Academy aims to improve performance in the finance function and enhance the employees’ capabilities and skills.
Equipping the finance workforce with the right skills and behaviour to fully leverage their position in the organisation enables them to simultaneously support and challenge the business, ultimately delivering superior overall business performance.
A fully leveraged finance function, adding the highest possible value to the company, supporting and driving a vastly improved overall business performance.
Being a centre of excellence, sharing and developing best practice methodologies and tools.
Challenging the business by understanding the key value drivers and having a holistic mindset.
Enabling the business by delivering timely and accurate facts, analyses and execution of activities.
The role is changing, and we need to focus on building new business finance capabilities.
There is a fundamental need to focus on the development of business finance competences and capabilities.
The Business Finance Academy aims to instigate an accelerated transformation through a blended learning journey through:
Modular training planned over a year, specific topics, assignments and coaching embedded in the Business Finance Academy.
Cross sharing of learning from other companies in similar financial development areas, situations and with similar maturity levels in business finance.
Ensuring alignment and development at operational and leadership levels.
Competence development with primary focus on the “partnering toolbox” and methods and best practice on how to enable and challenge the business key challenges.
Boot camp approach for dedicated learning environment with peer group companies.
E-learning integrated as introduction and preparation to the core elements of each module to create a blended learning environment.
The learning journey for participants
Clarification of the purpose of business finance and how to embed transformation in the organisation are the essential key points.
Cross-sharing of experience
The academy is infused with learning across the participants’ own situation.
6-9 companies represented at the academy
2-3 participants from each company to enable knowledge sharing/sparring
Non-finance executives to provide feedback and challenges
Time for learning, reflection and deployment experience
1-year programme with deployment and coaching
Learning targets established after each workshop
Feedback and network around personal journey
Trainer and leader focus
A key element in the development is the commitment from the participants’ own leader and the trainers enabled via the establishment of a focus contract which:
Anchors insights and learnings
Enables partner engagement
Enables leader involvement
Creates sustainable impact through a joint understanding
Implement Business Finance Academy - sessions of the year
Working with business finance for the last 10 years, Novozymes has extensive experience in developing the role and competences.
"Implement Business Finance Academy is a holistic, hands-on and most fun programme that enables me to drive impact and change in my everyday work."
Nicolas Jonard, Finance Partner, Novozymes
Since 2013, DONG has evolved into business partnering guided by their mission: “We facilitate financial insight and challenge business decisions to support generation of profit and cash”.
"Implement Business Finance Academy has been a great opportunity for me as Finance Business Partner to practise tools and develop competences within the fields of change management and problemsolving – non-financial disciplines that have helped me boost my “business impact” quite substantially."