Pwc Cfo Kpi Survey 2013

8/9/2019 Pwc Cfo Kpi Survey 2013

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CFO Key Performance Indicators (KPI)Survey

www.pwc.lu/nance-function-effectiveness

Bringing value to thebusiness through relevant

and reliable information.

2013


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Introduction 3

About the survey 5

Denition and time aspect 7

Data quality and tools 11

Preparation and analysis 13

Users aspects 15

Future trends 16

Key take-aways and Contacts 17

Content


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CFO Survey | 3

Introduction

For the last couple of yearsLuxembourg companies havebeen facing economic uncertaintyand turmoil. This unprecedentedsituation has urged the need for bothTop Management and Executivesto have relevant and reliableinformation at their disposal to drivetheir business.

As a result, the role of CFOs and

Finance Function’s Executives had tochange accordingly to provide them with insightful Key PerformanceIndicators (KPI) to supportmonitoring and decision support.

In that regard, the crisis may be theelement that nally triggers a fulledge evolution of the role of theFinance Function from bookkeepersto business partners.

On the short term, this might be amatter of survival but provided thismutation is carried out successfully,

this may also turn out to be a strongcompetitive advantage for businesseson their way to recovery.

That’s why we have conducted theCFO KPI Survey 2013. We havefocused on the denition of keyperformance indicators, the dataand tools used, their preparation andcontrol and the interactions betweenFinance Function Executives andother professionals.

This survey is the third instalmentof PwC CFO Surveys of theLuxembourg marketplace after ourCFO Reporting Survey in 2011 andCFO Budgeting Survey in 2012.

We have found that there are ratherclear patterns emerging from therespondents’ answers regardless oftheir sector of activity.

Key take-aways from thissurvey include:

• Dening indicators is really key

What is at stake for Managementand Business is to have the rightinformation at the right time andnot to receive an over ow ofdata.

• Data quality is the foundation

for effective Key PerformanceIndicators

Data quality is a necessity.In addition, nancial datashould also be aligned withactual business operations andprocessed via an effective andefcient IT solution.

• Finance Functions are becomingfull edge business partners

Both Top Management andExecutives are expecting moreactive input and support from

their Finance department.This is resulting in changes inFinance Functions proles andorganisation.

• To be impactful KPIs must beadapted to their target audience

Not only the content, but also thesupport and the frequency usedhave to be in line with the targetaudience expectations, use ofKPIs’ information and proles.

We trust you will nd this studyinteresting and useful. If you are

interested in discussing our serviceoffering in that area, feel free tocontact us.

About Finance FunctionEffectiveness

Our dedicated team draws uponnance, operations, technology,regulations, risk, tax and peopleskills to seize opportunities, navigaterisk and deliver lasting change toFinance departments.

We can help deliver sustainable

improvements to your FinanceFunction, whether it is for a specicissue you are addressing or fora wider Finance transformationprogramme.

We look forward to discussing theresults of this survey with you.

Best regards,

François Génaux, Advisory Market

and Financial Services Leader

Laurent Gateau, Senior Manager,Finance Function EffectivenessLeader


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4 | PwC Luxembourg


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CFO Survey | 5

About the Survey

This survey is the third instalment ofthe CFO survey.

This year, we surveyed 65Luxembourg-based companies onthe activities and challenges relatedto Key Performance Indicators(KPIs).

The survey’s results are not meantto be representative of the entireLuxembourg Marketplace but

rather to provide insight on the waycompanies manage their KPIs withregards to:

• Denition and time aspect;

• Data quality and tools;

• Preparation and analysis;

• Users aspects;

• Future trends.

About the panel

All respondents completed thesurvey through online formsbetween November 2012 andFebruary 2013.

The respondents to the survey werekept strictly condential.

In which industry does your company operate?

Public Sector

5%

Financial

Sector

54%

Operational

Companies

41%

The panel of respondents is a fair

representation of the Luxembourgmarketplace in terms of business sectors.

Position of the respondent

More than 4/5 of the respondents are professionals from the Finance Function.

Answers from top Executives and other professionals will provide insight from abusiness perspective.

Finance

Manager

43%

Other

5%

CFO

41%

Top Executive

11%


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6 | PwC Luxembourg

How many Key Performance Indicators do youregularly consider?

Insight from the market: denition and timeaspects

1/3 of respondents deploys toomany (more than 20) or notenough (less than 5) KPIs.

Rather than gross sales volume, the focus is clearly on protability, contribution to net result, cash

generation and usage for which indicators are monitored monthly or even more frequently.

0-5 5-10 10-20 More than20

18%

29%

36%

17%

Which KPI do you regularly consider?

Weekly or more often Monthly Quarterly

Yearly On demand Never

Sales volume

Net expense ratio

Net results

Margins

30% 41% 16% 7 %

2 % 4 %

6 % 55% 23% 4

% 8 %

4 %

3 % 3 %10% 61% 23%

5 %

5 %

7 %17%10% 56%

Growth

Incident rate

Days Purchase

Outstanding/Days

Working capital

Cashow

Project/Business

initiatives

47% 15% 7%

21% 42% 19%

13% 7%11%

13% 19% 15% 19% 34%

18% 31% 12% 10% 29%

7% 38% 22% 4 %9% 20%

4 %9% 5

%

15% 34% 15% 28% 8%

Sustainability

Client Claims

Staff morale

2 %9% 13% 13% 28% 35%

19% 31% 15% 6% 15% 14%

Absenteeism 6% 34% 14% 10% 20% 16%

Accidents 13% 23% 9% 4 %15% 36%

Full TimeEquivalents 4

% 67% 15% 6 %

6 %

2 %

2 %

Quality 13% 23% 17% 14% 14% 19%

14% 14% 28% 20% 22%

20%

26%

2 % 29%

20% 18% 20% 22%

19% 21% 13% 21%

19% 23% 10% 17%

18% 20% 30% 11% 7% 14%

12% 28% 26% 6% 10% 18%

2 % 20% 27% 4

%10% 37%

Return On Investments

Return On Assets

Return On Equity

Loan risk rate

Liquidity ratio/Solvency ratio

Capital costs/requirements


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CFO Survey | 7

Challenge 1: Dening what makes an indicatorkey

While it is clearly impossible todene one single perfect set ofKPIs applicable to all companies,having an indicator is importantto reect either internal businessfocus or external concerns. Indeed,

regardless of the size and complexityof operations, key indicators arethe most useful tools to monitoractivities and take businessdecisions.

Additionally, KPIs must be the sameover the years to stay relevant. Yet,their composition can be slightlychanged on the edge to reectbusiness conditions. That’s whycash and treasury or DPO/DSO areincreasingly incorporated into setsof KPIs.

A limited set of KPIs is also apre-requisite for them to be relevant. Adding too many details wouldprevent stakeholders from seeing what is important by blurring theoverall picture. Based on what wehave observed in the Luxembourgmarketplace and among the globalleading practices, we suggestincluding between 10 to 20 indicators.

An effective set of KPIs shouldreect the right mix betweenstrategy and operations. Indicatorslinked to Enterprise PerformanceManagement would allow toanswer the question “Are we able topursue our strategy?” while thoselinked to Operation PerformanceManagement would allow toanswer the question: Whether we are efcient in doing so? Thecomposition should be balancedbetween both while covering allbusiness areas and activities to

support a fair review of the business.

Finally, it is essential to use astandard denition and a single version of the truth regardinginformation and data sources usedto set up KPIs. By standardisingKPIs denitions and underlyingdata, everybody would be able tospeak the same language. FinanceFunction professionals should beexplaining what data are used asreference and which KPIs are key to

managing their business to facilitatetransparency and effectiveness.

Denition and time aspects


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8 | PwC Luxembourg

Insight from the marketplace: denition and timeaspects

Nearly 2/3 of respondents set their KPIs annually to ensure the consistency ofdata so that they can be compared.

Yet, there is a strong need for quicker delivery of KPIs to the different stakeholders as almost 20% of respondents plan to produce KPI more often.

Has your set of KPIs been consistent over the years?

Although Top Management and Executivesare often involved in the denition of KPIs,

only 31% of respondents can compare their KPIs over the years and only around 1/3

think their current set of KPIs is adequate.

How often do you redene your set of KPIs? Do you think that your KPIs are prepared at the rightfrequency?

We already prepareKPIs at the required

timeframe

We should prepareKPIs more often

We should prepareKPIs less often

79%

18%

3%

Yearly Quarterly Monthly On demand Never

64%

11%5%

10% 10%

Yes Yes partly No due tochange in

KPIs set

No due tochange of

perimeter

No due to lackof historical

records

31%

45%

14%

8%

2%

Do you think that the set KPIs you are currentlyfollowing is adequate?

47%

Yes Adequate but

not sufcient

Partly adequate

but not sufcient

35%

18%

Finance + TopManagement +

Operational Management

Finance + TopManagement

Finance only

50%

40%

10%

Who is involved in the denition and redenitionof your set of KPIs?


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CFO Survey | 9

Challenge 2: Deciding which Key PerformanceIndicators to report, to whom and how often?

Having information at the righttime is necessary. And the pattern ismoving toward reducing this timeeven more.

A well dened set of KPIs isboth more efcient (i.e. quickergeneration process) and moreeffective (i.e. focus on what reallymatters to the decisions makers)than a full list of indicators whichmay be less impactful. As discussedin the previous challenge, no KPIsare set in stone once for all. Yet, anychange should be documented andexplained. To ensure continuity, thecursor should be set accordinglybetween core KPIs and new onesaccording to each company’s

business, situation and strategy.

To ensure objectivity in rating andcomparability, KPIs need to beassessed versus target baselinesdened at the beginning of thereview period (e.g. previous yearactual and budgeted gures) andneed to use strictly dened ratingcriteria.

Similarly, Management andthe Finance Function should

regularly question the relevanceof the set of KPIs to the targetedExecutives (i.e. do they actuallysupport them in monitoring theiractivity, respectively setting up thestrategy?). For instance, the totalturnover should be the same for TopManagement and Sales Executives. Yet Sales department’s will bemore granular with a breakdownper relevant dimensions (e.g.distribution channels, countries andproducts).

KPIs also underline interactions

between departments and supportsynergies by underlying the impactof decisions taken by others on theirown core sphere of responsibilityand vice versa. For instance, it maybe very useful for a productionmanager to know what is in the salepipeline to adapt the level of stockaccordingly. Otherwise, deliverydelays may be at risk and the clientrelationship negatively impacted.

Denition and time aspects

Moving forward

• Are all the KPIs you have dened really efcient? How to dene relevant core KPIs?• How to align strategic and operational performance indicators?

• Does your present set of KPIs fairly and effectively reect the current business and hotissues?

• How to help business and top Executives dene KPIs that really matter to them?

• Are you able to analyse how your performance indicators have evolved over the years?

• Is the reference data used for the generation of KPIs documented and reliable? Is itsufcient to cover all needs from the business or top management?

• What prevents you from producing KPIs more often?


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Insight from the market: data quality and tools

How would you dene the quality of your source data?

Only 8% of the respondents thinkthat quality of their source data isexcellent and almost one half thatthe quality of data can be furtherimproved.

56% of the respondents still use spreadsheets and manual processes to follow KPIs.

Which system do you currently use to prepare yourKPIs?

There is a global trend to movetowards more automation, even for

non-nancial KPIs.

How far have you automatised the preparation of yourKPIs?

Fully automatised

Partially automatised

Not automatised

Financial

Non

Financial

13% 69% 18%

7% 51% 42%

Excellent Adequate Room forimprovement

8%

45% 47%

Close to 9 out of 10 respondents think that KPIs

used are reecting reality but they could beimproved.

KPIs we useare perfectly

reectingreality

Globally KPIs we use are

reecting realityeven if it could

be improved

Our KPIs do notglobally reectbusiness reality

7%

87%

6%

Spreadsheetsand manual

processes

56%

Financialapplication

module(e.g. module ofan ERP system)

Custom-built/Legacyapplication

(i.e. “in house”application)

Dedicatedapplication for

nancial planning(i.e. advancedapplication)

16% 20%

8%

How do you assess your set of KPIs regarding businessreality?


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Data quality and tools

Challenge 3: Setting upreliable and effective KPIsby combining data qualityand alignment withbusiness activities

How to ensure that KPIs actuallyreect business reality (i.e. everybusiness transaction is properlytranslated into nancials gures andaccounted for in KPIs)?

The rst pillar for success isBusiness Process Management. Sodesigning processes and enhancingprogrammes are essential to enablestandardisation and automation ofdata processing (efciency) and tomake sure that business activitiesare fully and fairly reected intonancials (effectiveness).

The second pillar for success is dataquality. Combined with the process

approach, strong data governanceand data management are necessaryto align KPIs with business activitiesand their challenges.

The fact is that technology will notbe a competitive advantage unlessthe data is right. Well dened andconsistent data taxonomy is requiredto fully unlock the potential of ITsolution and automation.

Challenge 4: Making theright use of technology toproduce KPIs in a quick,reliable and cost effective way

By investing in technology,companies aim at reducing manualprocessing to the maximum, limitingit to reviews and analyses while datatreatment and production of KPIs areautomated.

To accelerate processes and improvethe quality of analyses, the rightset-up of IT tools should be denedfor each given individual situationand strategy. There is no miraclesolution as one size does not t all.Each company should invest timeand resources to dene a suitableand relevant set-up (e.g. automated workows, data warehousing andcentralised reporting databases).

Alternatively, spreadsheets might alsobe used as the basement stone forthese activities if strict processes andquality controls as well as clear audittrail are implemented.

There should be an analysis of thereturn on investment regardingmoving forward with moreintegration and automation.The trade off is between cost ofimplementation and benets. Thechoice is between following the motto“if it’s not broken, don’t x it” andcreating an agile organisation whichis able to accommodate increasingcomplexity while containing the

costs.

Finally, automation allows reducingmanual processing, acceleratingoperations and leaving time foranalyses and explanations.

Moving forward

• How robust and agile are your data governance and data taxonomy?

• Do you have streamlined and well dened processes for interactions between business and Finance?

• Do you have a clear view on how mature and robust your IT framework is?

• Do you know how much you would gain from more integration and automation?

• How to reduce the time spent on data cleansing and reconciliation to be able to have more time for analysisand value adding activities?


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Insight from the market: preparation and analysis

More time is spent

on analyses than on generating KPIs.

Yet, the global lead time for preparation couldbe further improved.

Are KPIs analysed and variation explained at eachiteration?

Is the set of KPIs reviewed before its launch?

Who is preparing your set of KPIs?

For a majority of respondents KPIsare prepared and analysed jointly by Finance and business Executives.

Yet, less than half of the respondents systematically analyse and explain their KPIs.

One out of ve respondents does not control its KPIs before being communicated.

Approximately how long does your company take togenerate and analyse your KPIs?

Finance and other

departments

Finance only Departments

autonomously

62%

32%

6%

Who is in charge of analysing and explaining your KPIs?

Finance and other

departments

Finance only Other

57%

40%

3%

YesNo

16%

84%

Fewer than 1 business day

2 to 5 business days

6 to 10 business days

More than 10 business days

GenerateKPIs

AnalyzeKPIs

18% 54% 20% 8%

34% 56% 5 %

5 %

Yes Partly No

48%49%

3%


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CFO Survey | 13

Preparation and analysis

Challenge 5: Enablingthe transition of Financefrom Score keeper toBusiness partner

Top Management and Executivesare asking for a more active inputfrom their Finance Function forthe operational and strategicchallenges they have to face.

Stakeholders are no longerawaiting data but rather insight:the sharper and the more timelythe insight, the more impactful andquicker the action stemming fromthe review of KPIs.

KPIs are crucial in driving thebusiness the right way sincethey are the junction betweenBusiness and Finance and betweenoperations and strategy. Therefore,the role of Finance Functions ischanging at a rapid pace. They

are no longer super-bookkeepersbut (more and more) businesspartners.

First, Finance plays a role ofcontrols: it must make sure thatinformation is reliable. The fasterdata is controlled and reconciled,the quicker it can be turned intoinformation communicated viaKPIs.

Second, Finance plays aninformation builder role.Producing relevant KPIs fasterthan competitors might becomea competitive advantage which would allow Top Management tomake decisions quicker and bemore reactive to the evolution andchanges in the different activitiesand segments in which a firm isactive.

Finance should also play aconnecter role between accountingand controlling topics and thebusiness activities. To do so,Finance professional shouldnot only master the set up andcalculation of KPIs but alsounderstand what is at stake withthe business and the way it isoperated.

In doing so, they will be able toexplain the impact of business

decisions on financials figures andindicators. This would allow forproper corrective actions in caseof deviations or potential issues(e.g. impact of sale and paymentsterms on day sales outstanding andpayables outstanding).

Sharper insight and decisionsupport will also result from theability of Finance Functions toprovide stakeholders with trendsin the way KPIs are evolving andexplaining the root causes for theseevolutions instead of commentingon static data.

Finally, Finance professionalsmight also have to communicateinformation to raise awareness ofthe whole firm on hot issues.

This evolution towards beinga business partner will notonly impact Finance’s businesscounterparts but also theFinance Function itself. Indeed, job descriptions for Finance

professionals will make positivechanges. These revised tasks andresponsibilities will allow forfurther career paths within FinanceFunctions and, if managed well, will allow for higher retention ofFinance professionals.


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Insight from the market: users aspects

Figures are provided with explanations by 2/3 of the respondents with a

comparison with target and/or historical gures.

How big is your set of KPIs?

The norm is to present KPIs in a smallbooklet and to circulate electronically or via printouts.

While web-based applications are used bymore than 1/3 of respondents, distribution via smartphones, tablets or even display on

TV screens remains marginal.

Yes

In project

No

How are the KPIs used to present information? Which information do you use to present your set of KPIs?

Figures +explanations

Figures only Graphics Illustration Others

68%

10% 10%7%

5%

Actuals +historical

information+ Budget/

forecast

Actuals +Budget/forecast

Actuals +historical

information

Actuals

67%

23%

8%

2%

1 single page A small set (below10 pages)

A rather big set(above 10 pages)

17%

68%

15%

What supports do you use to present KPIs within yourcompany?

Printed and disclosed in the ofce

TV screens in the ofce

Smartphones and tablets

Web-based applications

Powerpoint

Word

Excel

52% 2% 46%

21% 6% 73%

9% 15% 76%

38% 10% 52%

84% 8% 8%

42% 58%

100%


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CFO Survey | 15

Users aspects

Challenge 6: Definingthe right supports andshapes for KPIs to beimpactful and useful to

users

Based on the target to reach,disclosure patterns may differ.Thus, the shape, support andassessment frequency of KPIsshould be adapted to the differenttargets and their working habits.

Business indicators must befollowed on a quasi-real time basis.This implies being automated asmuch as possible to save processingtime. For those usages, thereis a clear trend towards mostadvanced companies to go for web-based applications, smart-phones or tablets so that nomadExecutives can remotely andsecurely access to the information

they need. Alerts can be generatedautomatically in case of abnormalresults or patterns so that pushnotifications are sent to theExecutives in charge and corrective

actions are taken quickly. Thoseaspects are reflected in thesurvey results which show thatthe current main implementationprojects are related to those twocommunication tools.

Top management will notrequire this frequency for the keyindicators followed. KPIs mustallow them to get a broad view on

what is at stake in his companyat one glance. Therefore theindicators must be prepared on anaggregated basis (with possibilityto drill down if necessary) and bepresented in a way that facilitatesdecision making (colour scalebeing the norm).

KPIs can also be used as a wayto communicate information tothe whole staff. In that regard,KPIs disclosed to staff usingTV broadcast in cafeteria or at

entrances are a way to sharerelevant information to them in atransparent, effective and efficient way (e.g. Turnover, absenteeism,etc).

It appears eventually that most ofrespondents followed a reasonablenumber of KPIs, which illustratesthe needs to provide the rightinsight to the right users to easedecision making. If larger sets werecommunicated, the risk would benot to highlight key informationand support related decisions to bemade.

Moving forward

• Does Finance understand the business and vice versa? How to help them speak a common language?

• How to help Finance evolve into a provider of added value for the business?

• What can be done to optimise interactions between Finance and other stakeholders and make them moreeffective and efcient?

• Have you assessed how the evolution towards business partners impacts the career path of your nanceprofessionals?

• Do you know if Executives and management are satised with the KPIs they receive? Do they read it? Do theyunderstand it and ask for further information?

• Have you thought about communicating some KPIs to all staff members? What support would you use?


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16 | PwC Luxembourg

Future trends

The uncertainty of theeconomic climate and impactof external business eventshave urged the need of newKPIs for Management andboard members. This trend willclearly continue.

Companies will have to keepadapting their KPIs by revisingfinancial ones to put thespotlight on new issues (e.g.cash and liquidity managementand working capital needs,etc). Additionally, they will

also have to introduce non-financial indicators coveringCorporate Social Responsibilityand Sustainability.

Finance Functions are expectedto play an active role in thisprocess. This is an opportunity

for Finance Executives andCFO to eventually fully operateas business partners providingsubstantive and sharp insightto support both strategic andoperational decisions.

Finance Functions will haveto make their revolution.This is a huge challenge totake since the transition frombookkeepers to businesspartners should not onlybe effective but also costefficient. This is a must to

prevent going concern in aneconomic environment offierce competition and survivalof the fittest.

Major changes planned

Changes planned

No changes planned

How would you assess your new KPI’s needs in thenext 2 years regarding Non Financial and FinancialKPIs?

Non Financial

Financial 43% 46% 11%

49% 40% 11%


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CFO Survey | 17

CFO KPI Survey 2013

Take-aways from the Survey The survey is meant to provide insight on the way Luxembourg-based companies manage their Key PerformanceIndicators (KPIs) and also show a view on provider leading practices.

65 companies from all industries have been surveyed on the way they dene, analyse, control and distribute KPIsand about their related challenges. These main c hallenges include:

Challenge 1: Dening what makes an indicator key

Challenge 2: Deciding which Key Performance Indicators to report, to whom andhow often

Challenge 3: Setting up reliable and effective KPIs by combining data quality andalignment with business activities

Challenge 4: Making the right use of technology to produce KPIs in a quick,reliable and cost effective way

Challenge 5: Enabling the transition of Finance from Score keeper to Businesspartner

Challenge 6: Dening the right supports and shapes for KPIs to be impactful anduseful to users

Moving forward

The current economic climate has urged a need for radical changes on the way KPIs are managed.

The challenges to take are huge and involve a major change of the role of the Finance Function frombookkeepers to business partners.

Yet, while this evolution is deemed by the crisis necessary in the short term, it can turn into a strong competitiveadvantage on the longer term for companies which would have managed the transformation of their FinanceFunctions.


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François Génaux

Advisory Market and Financial Services Leader

Tel: +352 49 48 48 2509

[email protected] Dr. Florian Kühnle

Consulting Leader - Commercial and Industrial Companies

Tel: +352 49 48 48 5716

[email protected]

Your contacts

Laurent Gateau

Finance Function Effectiveness Leader

Tel: +352 49 48 48 2572

[email protected]

Florent Baudin

Finance Function Effectiveness

Tel: +352 49 48 48 4195

[email protected]

François Ralet


Tel: +352 49 48 48 4158

[email protected]

Matthieu Hommell


Tel: +352 49 48 48 5095

[email protected]

Our Finance Function Effectiveness publications:

© 2013 PricewaterhouseCoopers, Société coopérative. All rights reserved.

In this document, “PwC Luxembourg” refers to PricewaterhouseCoopers, Société coopérative (Luxembourg) which is a member rm ofPricewaterhouseCoopers International Limited (“PwC IL”), each member rm of which is a separate and independent legal entity. PwC IL cannot be heldliable in any way for the acts or omissions of its member rms.


CFO Budgeting Survey CFO Reporting Survey Finance FunctionEffectiveness


19/20

CFO Survey | 19


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© 2013 PricewaterhouseCoopers, Société coopérative. All rights reserved.

In this document, “PwC Luxembourg” refers to PricewaterhouseCoopers, Société coopérative (Luxembourg) which is a member rm of PricewaterhouseCoopers


PwC Luxembourg (www.pwc.lu) is the largest professional services rm in Luxembourg with more than 2,200 people employed from 57 differentcountries. It provides audit, tax and advisory services including management consulting, transaction, nancing and regulatory advice to a wide varietyof clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. It helps itsclients create value they are looking for by giving comfort to the capital markets and providing advice through an industry focused approach.

The global PwC network is the largest provider of professional services in audit, tax and advisory. We’re a network of independent rms in 158 countriesand employ more than 180,000 people. Tell us what matters to you and nd out more by visiting us at www.pwc.com and www.pwc.lu.

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