From Scorekeeper to Strategist: The Rise of Finance CoEs
Finance teams are no longer just reporting on the business—they’re shaping it. A Finance Centre of Excellence brings structure, insights, and agility to decision-making, empowering CFOs and their teams to drive transformation, build talent pipelines, and lead with data.
Finance is no longer just about reporting numbers. In today’s fast-moving business environment, finance teams must do more than track performance – they need to shape it. To meet these growing expectations, businesses are turning to Finance Centres of Excellence (CoEs) as dedicated hubs for financial intelligence, scenario analysis and strategic decision-making.
Rather than being a back-office function focused solely on compliance and reporting, a Finance CoE ensures that finance professionals actively contribute to business strategy. It transforms finance from a reactive support unit into a proactive driver of growth, equipping CFOs and their teams with the tools to lead through data-driven insights and predictive planning.
What’s more, a Finance CoE fosters a culture of continuous improvement, enabling finance leaders to optimise operational efficiency and make informed, forward-looking decisions.
CoEs and the 3Ts framework
Finance transformation isn’t an overnight shift. Most organisations progress through distinct stages of maturity, moving from foundational improvements towards a fully embedded, insight-driven function. The 3Ts framework (Traditional, Transitional, Transformational) provides a structured approach to this evolution.
Organisations in the Traditional phase may struggle with fragmented financial processes and limited visibility into data-driven decision-making, with little cross-functional collaboration and influence on the wider strategic direction of the business. However, by taking incremental steps, such as standardising financial reporting and implementing foundational automation, Traditional finance departments can begin their journey toward a more mature finance function.
A Finance CoE typically starts to take shape in the Transitional phase, where organisations move beyond compliance and reporting. Here, the fledgling CoE might focus on areas such as automation, improving data governance and embedding financial planning into business discussions. There will also be a focus on improving cross-functional collaboration and embedding finance professionals into strategic discussions.
However, it is in the Transformational phase where the full potential of a Finance CoE is realised. Here, the CoE shifts from simply supporting finance to actively driving business strategy through predictive insights and scenario planning. Understanding where an organisation sits within this framework helps determine the right focus areas for building or scaling a Finance CoE.
The role of people in the Finance CoE
A successful Finance CoE relies on the right talent. At its core is the finance business controller or partner, a key figure who bridges finance and the wider organisation. These professionals translate financial data into actionable insights, ensuring finance plays an integral role in shaping strategic decisions rather than just reporting past performance. Their ability to leverage real-time data and scenario planning makes them invaluable.
Alongside them, the CFO plays a pivotal role, either directly leading the CoE in smaller teams or acting as an executive sponsor in larger organisations. As CFOs increasingly move onto CEO succession tracks, a well-structured CoE provides the strategic experience necessary for broader leadership roles. Additionally, CFOs can use the Finance CoE to build a strong finance leadership pipeline, ensuring the organisation has a sustainable talent strategy for future growth.
Beyond its strategic advantages, a Finance CoE also helps attract and retain top talent. Today’s finance professionals are no longer content with transactional work and negotiating the dreaded budget burnout cycle; they want to be part of a function that drives business impact. A CoE creates a clear career pathway, offering finance professionals the opportunity to engage in high-value, strategic roles. Businesses that invest in a Finance CoE position themselves as forward-thinking employers capable of attracting top-tier talent.
Moreover, the structure of a Finance CoE encourages skill development and professional growth. By creating an environment where finance professionals engage in business-driven discussions and work on impactful initiatives, organisations can enhance employee satisfaction and retention.
Scaling a Finance CoE for any organisation
Historically, Finance CoEs were seen as a luxury reserved for large corporations. That’s no longer the case. Businesses of all sizes can benefit from a well-structured CoE, even with a lean team. By formalising best practices, introducing automation and embedding finance professionals in key business discussions, organisations can enhance financial intelligence without adding unnecessary complexity.
The key isn’t scale – it’s intent. A Finance CoE isn’t about increasing costs; it’s about making financial insights more impactful and ensuring finance plays an active role in business success.
Whether it’s a multinational corporation implementing advanced analytics or a mid-sized business streamlining budgeting processes, a Finance CoE is a scalable model that adapts to an organisation’s unique needs.
