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Everything old will be new again

Written by Cynthia Low on . Posted in Articles.

Toronto – Just as a great mechanic can extend the life of an older car, a project consultant could be the Mr. Goodwrench of a systems upgrade.

More than one-quarter (26 per cent) of chief financial officers (CFOs) recently interviewed said financial systems upgrades top their list of projects for which they are likely to bring in financial consultants over the next three years.

The survey was developed by Robert Half Management Resources, the premier provider of senior-level accounting and finance professionals to supplement companies’ project and interim staffing needs. It was conducted by an independent research firm and is based on interviews with more than 270 CFOs across Canada.

CFOs were asked, “In which one of the following areas are businesses most likely to bring in financial consultants or project professionals over the next three years?”

Their responses:

  • Financial systems upgrades ………. 26%
  • Corporate governance ………………. 13%
  • Mergers and acquisitions ……………….9%
  • Business process re-engineering …….8%
  • Turnaround management ……………… .5%
  • None ……………………………………………4%
  • Don’t know/no answer …………………. 35%

“Even during this current economic climate, many companies continue to replace or modify outdated financial systems to improve efficiency,” said David King, executive vice president of Robert Half Management Resources. “To help implement these initiatives, firms need highly skilled and experienced financial professionals for only a finite period of time.”

King added that the use of consultants to augment staff can result in less need for continual layoffs and rehiring due to business fluctuations. “Using project professionals is a cost-effective staffing strategy that can offer flexibility and savings as well as increased productivity, profitability and morale among existing staff.”

The national study was developed by Robert Half Management Resources. It was conducted by an independent research firm and is based on more than 270 telephone interviews with CFOs from across Canada.

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