Running a strong, fit for purpose finance function can be a differentiator in today’s competitive market – and the cost gap that exists between top performers and average performers has a real impact on the bottom line.
In the highly competitive Real Estate sector a best in class finance function not only results in a lower cost finance function but also leads to better and quicker decision making, and attracts top talent to the business.
So how does a Real Estate Company understand where they fit and how to improve their overall finance function to make it more effective? Unfortunately there is no silver bullet – instead there are a range of different areas that companies can focus on to create a best in class function.
The PwC Real Estate Finance Function Benchmarking study was developed to help identify and address some of the challenges and to better understand where finance functions are today and what good practice looks like, and use this to identify opportunities for improvement.
Our clients globally have been seeking guidance from PwC to understand how they can create a finance function that is fit-for-purpose, is cost effective, yet acts as a strategic business partner. To help address this PwC has developed a Finance Function Effectiveness Benchmarking tool which uses a standard taxonomy to compare participants across the main areas in which Finance delivers value to the business - Business Insight, Compliance & Control and Transactional Efficiency.
In Real Estate Finance Function Effectiveness – How do you compare? we share our findings across the Real Estate industry in relation to these three areas as well as the key enablers to a successful finance function - people and technology. The report not only discusses what defines ‘excellence’ now, but how to keep ahead of the accelerating pace of change in relation to how businesses compete and what they expect from their finance teams.
James Dunning, PwC’s Assurance Real Estate Leader said
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