Tuesday, 17 November 2020 00:00

Vaccines Aren’t the End of the Fight, but the End of the Beginning


Low-income countries are dependent on the success of the COVID-19 Vaccine Global Access Facility (or the Covax Facility), a global coalition led by the World Health Organization and two public-private alliances.

The Covax Facility’s mission is to distribute enough vaccines to cover 20% of the population in participating countries by the end of 2021, with rich nations subsidizing vaccinations for 92 low- and middle-income countries. It has commitments from 84 wealthy nations, including China but excluding the US.

Europe and the US will likely redistribute excess capacity to emerging markets if most of their late-stage trials are approved. But that is cold comfort to public health officials in nations in desperate need now...



The trade-off between cost reduction and increased effectiveness of the finance function is a false choice. Leading finance departments are guardians of enterprise value creation, demonstrating stewardship of their own spend by lowering absolute costs and shifting work towards more value-added activities.

We have analyzed the finance functions of hundreds of companies to understand how cost and effectiveness have evolved over the past ten years. After controlling for differences in sector, scale, and geographic footprint, several findings emerged:

  • Finance organizations have, on average, decreased their cost by 29 percent.
  • The most efficient cohort of finance departments (“finance leaders”) achieved similar cost improvement to the level shown by average performers—an impressive feat given that the finance leaders started from a lower cost base.
  • Finance leaders spent 19 percent more time on value-added (versus transaction-processing) activities than a typical finance department did.

What can companies do differently to join the finance leaders? The research points toward four imperatives. The first is to cast a wider net for new efficiency opportunities, reaching beyond the transactional activities that have long been the primary focus of attention. Second, boost finance’s role in managing data, whether consolidating, simplifying, or controlling the flood of information flowing across the organization. Third, strengthen decision-making through widespread adoption of data-visualization, advanced-analytics, and debiasing techniques. Finally, reimagine the finance operating model so that it fosters new skills and capabilities.

These steps are already enabling companies to join the finance-function elite—while cutting audit costs by double-digit percentages, improving data quality (and reducing wasteful data-cleaning efforts), upskilling finance teams, and enabling the function to guide better decisions throughout the enterprise.