Is there a connection between VAR and Finance Business Reporting?

In the dynamic world of professional sports, the introduction of the Video Assistant Referee (VAR) system has revolutionised the decision-making process, ensuring fairness and accuracy in outcomes. 

Similarly, in the corporate sphere, Finance Business Partnering (FBP) has emerged as a pivotal strategy, enabling organisations to make informed strategic decisions through the integration of financial insights into business operations. 

While at first glance, the realms of sports officiating and corporate finance might seem worlds apart, a closer examination reveals that VAR can learn significantly from the principles and practices of Finance Business Partnering. 

This article explores how VAR can adopt strategies from Finance Business Partnering to enhance its effectiveness and contribute to the fair and transparent adjudication of sports events.

VAR and Finance Business Partnering… where’s the link?

One of the core tenets of Finance Business Partnering is the alignment of financial strategies with business objectives, fostering a collaborative environment where finance and operational teams work hand in hand. 

Similarly, VAR can benefit from closer collaboration with game officials, teams, and governing bodies to ensure that its application aligns with the overarching goals of fairness, transparency, and the spirit of the game. 

This collaboration can facilitate a more harmonious integration of technology with the human elements of sports officiating, mirroring the FBP approach where finance supports rather than dictates business decisions.

Only shoot for the goal when the data supports it

Finance Business Partners leverage data analytics to provide actionable insights, guiding strategic decisions. 

VAR, in its essence, is a data-driven tool that relies on video footage to make or influence critical decisions during matches. 

By adopting advanced analytical techniques similar to those used in FBP, such as predictive analytics and machine learning, VAR can improve its accuracy and the speed of decision-making, reducing disruptions to the game and enhancing the viewer experience.

Be the striker for improvements 

A hallmark of effective Finance Business Partnering is the commitment to continuous improvement and adaptability in response to changing market conditions. 

VAR can learn from this by implementing a feedback loop from teams, players, officials, and fans to continually refine its protocols and technology. 

This could involve regular reviews of decision accuracy, the impact of VAR on game flow, and stakeholder satisfaction, leading to iterative improvements that enhance the system's value to the sport.

Pass the ball amongst your team

Effective communication is crucial in Finance Business Partnering, ensuring that financial insights are accessible and understandable to non-finance stakeholders. 

VAR can apply this principle by enhancing transparency around decision-making processes and criteria. Clear communication of VAR decisions, possibly through real-time explanations or post-match reports, can demystify the process for fans, players, and coaches, building trust in the system.

Don’t be a risky player

In Finance Business Partnering, identifying and mitigating risks is a key function, ensuring that business decisions are informed by a comprehensive understanding of potential financial impacts. 

VAR can incorporate risk management principles by assessing the potential implications of its interventions on the game's outcome and the broader implications for the sport's integrity. 

This could involve scenario planning and the development of guidelines for when and how VAR should be employed to minimise unintended consequences.

Conclusions at full time

The integration of VAR into professional sports represents a commitment to fairness and accuracy, echoing the principles that underpin Finance Business Partnering in the business world. 

By adopting strategies from FBP, such as strategic alignment, data-driven decision-making, continuous improvement, transparency, and risk management, VAR can enhance its contribution to the sporting world. 

This synergy not only promises a more effective and transparent decision-making process but also underscores the universal value of collaboration, innovation, and integrity in achieving excellence, whether on the pitch or in the boardroom.

Explore how VAR can benefit from Finance Business Partnering and other current trends. Join us at one of our upcoming GENCFO Talks.

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