A critical aspect of workplace evolution is the model of business partnering. According to our research, finance business partnering (FBP) roles reflect the spirit of collaboration and how modern organisations envisage running the finance and other functions — that is, not just as administrative units, using prescribed processes, but as a team of collaborators, with all its synergies and challenges. But what this means for finance professionals — how FBP is enacted daily, the barriers to its success, and the skills and competencies needed — is less commonly articulated. Hence, our interviews and roundtables discussed FBP and how it develops within organisations. The next section summarises our analysis.
I think back to when I was a finance business partner, 10–15 years ago, I used to fight to get into conversations and to be part of a decision. And quite often, we [finance] would be the last people to find out about a decision. You’re then running around trying to cost the decision, trying to work out the financial implications to the organisations, whereas now, finance business partners are much more integral in the decision-making process. So, whereas before, we were the after-product of a decision, where we process the outputs of the decision, we’re now steering and shaping and influencing a decision before it’s made. I think the business partnering role is essential.
The evolution of the FBP — From gatekeeper to critical friend
A critical development in our workplace evolution is that finance now has a seat at the table and plays an active role in strategic decision-making. Thus, with the expanding role of finance, we now routinely participate in operational and strategic discussions and value co-creation. On a daily basis, business partnering has become consultative in its nature. Those fulfilling the role need a background in finance and commercial underpinning. Business partnering requires a broad knowledge base and skillset, including understanding the organisation and its business, commercial acumen, collaboration, influencing, and effective communication. Also key is an ability to verify financial and nonfinancial information from a wide pool of sources. Thus, business ideas and plans are scrutinised before advice is given. The attitudes of transparency, support, empowerment, and copiloting are also characteristic of FBP, and they all stem from building trust and constructive relationships with colleagues. In short, the evolution confirmed by our research is one from being a gatekeeper to becoming a critical friend. The following graphic summarises the nuances and challenges of this complex and evolving role, as articulated by our participants.
The future of business partnering
The role of a business partner is diverse and fluid. But our research confirms that it is critical for enacting the Future of Finance. To be successful in it, we need technical, strategic, and people skills. Seen as a generalist role, the business partner needs a good understanding of the organisation, its business, and culture. From this perspective, the role is a challenge to perform for less experienced finance professionals, who need to advance in their technical capacity, but also in their leadership skills and knowledge of the industry, as well as their understanding of the organisation and how it operates.
