The firm’s annual survey of 75 senior financial officers examined the ‘business partnering’ role where finance supports the strategic and tactical priorities of the business by providing insight and guidance, based on financial analysis.

While over half the respondents saw finance as a source of trusted financial information, only 8% of organisations consider this output as their primary source of insight, and 53% made no use of the information provided by the finance teams. Part of the reason was the inability to link the data to corporate strategy - 42% of finance functions were judged to have provided data in significant detail, but with limited context.

Malcolm Wilkinson, finance business partnering lead at Deloitte, said: ‘There is a big difference between simply providing data, and giving insight and guidance. Many finance business partners currently focus their efforts on providing a good service in the eyes of the business. To provide true insight and fulfil their finance responsibilities they must also provide an independent challenge, based on a clear understanding of the true drivers of business performance.’

The survey found 45% of finance functions have no definition for the role of their decision support teams and business partners. In addition, only 5% of respondents apply the definition they do have across the business.

Wilkinson said: ‘Clearly defining the finance business partnering role, including the requirement to challenge the business, is essential.  

'That clarity enables alignment of expectations with the business, increasing the effectiveness and efficiency of finance business partners, as well as supporting their personal development and satisfaction with the role.’