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CIMA issues warning on the need to transform finance functions across the globe

25 September 2007


CIMA (the Chartered Institute of Management Accountants) today warns companies around the world that if they fail to transform their finance function to help improve decision making at every level they are putting their competitive position at risk. CIMA also warns that accountants themselves need to develop their skills to support the finance transformations that are taking place across the globe. In order to remain relevant to the evolving market place they need to possess a broad range of wider business skills in addition to the core skills and financial disciplines of the traditional accountant skill set. 

CIMA’s report, entitled Improving Decision Making in Organisations, has been created using information provided by member organisations of the CIMA Improving Decision Making in Organisations Forum, many of whom offer individual case study material and opinions based upon their own experiences. Forum members include representatives from Ford, Kimberly-Clark, The Linde Group plc, Rolls Royce, Tesco, Unilever and the Department for Work and Pensions.

The report outlines how, with increased access to global resources, the quality of decision making is becoming the basis of competitive advantage and success. Leading companies have already woken up to the opportunities presented by developments in technology and globalisation. Now they are looking to their Finance and Accounting functions to work closely or ‘partner’ with the business and help improve decision making and support value creation.

Charles Tilley, Chief Executive at CIMA, says:
“Improving decision making has long been debated as a driving factor behind superior business performance. This report is the first in a series to be produced by CIMA and demonstrates how leading businesses have already seized the opportunities presented by finance transformation to engage finance to improve decision making across the business. Management accountants play a key role in adding value to the finance function as an integral part of the business.”

- ENDS -

For further information, please contact:
Katie Scott-Kurti
Senior Press Officer, CIMA
+44 (0) 20 8849 2347
Katie.Scott-Kurti@cimaglobal.com

 

Notes to editors

  1. The CIMA Improving Decision Making in Organisations Forum includes representatives from the following organisations:
    • BBC World Service
    • The Linde Group plc
    • Department for Work and Pensions
    • Diageo
    • Ford
    • Fujitsu Siemens Computer Ltd
    • Kimberly-Clark
    • Pfizer Ltd
    • F Hoffman-La Roche Ltd
    • Rolls-Royce
    • Royal Mail
    • Tesco Stores Ltd
    • Unilever
    • Ford
  2. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business.  It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. It is the voice of over 158,000 students and members in 161 countries.  CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body.  CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. CIMA has been nominated as a UK superbrand for a second year in a row this year and for the first time in Sri Lanka.  According to independent research conducted by the University of Bath School of Management, CIMA’s syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed.  See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference.  CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy.  For more information about CIMA, please visit http://www.cimaglobal.com/
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