E-procurement, selling over the web and greater use of shared service centres to deliver financial services, will save large companies hundreds and thousands of pounds said Spicer, who runs PwC’s financial management practice, and Hutson, who manages the firm’s finance bench-marking programme.
But these changes meant old economy performance indicators for finance departmets – including cost, speed of accounts closure and employee levels – would no longer serve as the most important bench marks, they warned.
Instead new economy companies would judge their finance departments by a new range of indicators, they predicted, including the percentage of transactions executed through internet channels; the percentage decrease in transaction costs arising as a result of e-business; the proportion of employees actively involved in e-business; and the extent to which information is shared with third parties via the internet.
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