Our Guest Mentor:
Claus is an all-round finance professional with more than 25 years of experience in various positions including Consulting, Finance, HR, Purchasing and Travel.
Claus is an expert to Finance Business Partnering, Shared Services, Offshoring, Outsourcing, Restructuring of back-office, Cost Cutting, Finance Transformation including finance strategy and among others which he shared to clients to reach their business fullest potential.
Currently a partner in PWC, Copenhagen, Denmark and did consulting to other firms. He took his MBA at Henley Management College, UK.
Key Quotes From the Episode:
“[CFO’s top 6 approach on making their Finance and accounting effective and efficient] top 1-5 are people related and number 6 is digital transformation.” [08:06]
“[Business Partnering] you need to know where value is created and where value is destroyed.“[11:38]
“Those companies who invest in people have twice the retention rate compare to those companies who don’t.” [20:38]
(Other resources and how to connect with Claus below).
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Key Points From the Episode:
- A story from his time at Lego where Finance & Accounting transformed from non-existent to being a key player in the business.
- How finance teams can save 30%-40% by doing digital right particularly with the people element.
- Key pointers from PWC’s annual benchmark study
- Why companies haven’t still quite cracked the code on business partnering.
Time Stamped Show Notes
[02:24] – Claus shares his career journey in finance and accounting that started 30 years ago from corporate finance to Lego Company. He turned into a transformation junkie that later lead him to various consulting jobs. His passion in life is to help
[05:02] – Insights from the transformation of Finance and Accounting started from non-existing to the key player in the business.
[06:50] – Claus shares his interaction with CFOs about digital transformation and learning their business challenges.
[07:40] – Companies can save 30%-40% by doing this.
- Invest in technology
- Invest in people
[08:37] – Investing in people creates more value to business with the aide of digital transformation.
[10:03] – Business partnering, we still need to crack its’ code.
[11:08] – Tips for FP&A Professional for them to start business partnering immediately;
- Know where to play
- Know how to win
- Influence stakeholders
[15:26] – Transition of Finance and Accounting professionals from desk jobs to being with the business that creates more value.
[15:50] – Claus shares what’s excites in his current work.
[16:41] – Annual benchmarking made to 700 companies on their financial data and the effects of digital solutions on their businesses shared by their CFOs’.
[19:38] – Scaling between robotics and people side on business efficiency.
[20:11] – Leaders must do to get better returns on their investment to people.
[22:00] –Instead of being a cost centre Finance and Accounting may also be a profit centre.
[23:11] – Best of bit of advice Claus ever received about knowing your stakeholders.
[25:44] – Books that Claus recommend to our audience to read.
[26:52] – Best way to connect to Claus.
[28:37] – Claus parting thoughts to our audience.
- Create value as a Finance Business Partner by Bo Foged
Connect with today’s guest:
LinkedIn Profile: https://www.linkedin.com/in/clausthornemadsen/