CEOs in Media and Entertainment are Turning to Shared Services
Ernst & Young recently surveyed 27 CEOs in the Media and Entertainment industry representing combined annual revenues of more than $333 billion to ask them about their expanding role.
One key theme that surfaced was the CEO’s focus on the finance organisation. One CEO explained, "the key to me as CEO is that the finance organisation puts the models in place to enable me and the operational leaders to understand our business today and tomorrow." The economic downturn has solidified that perspective.
CEOs said they are demanding more insight, analysis and planning from their CFOs (30%), a more efficient finance function (20%) and open, accurate accounting (20%). "CEOs today tell us that they're relying more and more on their CFOs and finance executives to help them make the hard decisions. They need the right information to make strategic decisions and they're looking for the best input they can get to determine where to make the necessary cuts."
Among other things that CEOs expressed during the study with Ernst & Young executives, was an increased focus on leveraging shared services to reduce the cost of finance and introduce tighter control.
