Compiled By Jill Jusko
Sept. 2, 2009
- Two-thirds of those surveyed said the most important source for good decision-making came from the financial and operational information held by the finance function and interpreted by the CFO. Why? The report states, “This is not just because finance tracks and aggregates the company’s financial and operational information. It also reflects a particular way of seeing things: CFOs tend to have a conservative and skeptical attitude that is essential for companies struggling to survive as well as for those considering new initiatives.”
- Decisions at the worst-hit companies focused on short-term, tactical moves rather than on long-term strategy. That said, “Executing a long-term strategy is not a luxury reserved for times of economic growth. Companies cannot make tactical decisions without a vision of where they want to be in the long term,” the report authors note.
- The recession has led 53% of respondents to focus more closely on key customers.
- 45% of survey respondents report that decision-making in their companies has become more centralized during the recession.
Having the right information at the right time is key to better decision-making, the report notes. Among its concluding recommendations, the study notes that organizations should develop a means to classify, analyze and distribute information. Indeed, “Successful companies are those that have perfected an ongoing process of gathering information, analyzing it and making it available to any decision-makers in the organization, at whatever level, so that they can draw on it instantly when they need to.”
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