In every department feature, we make no secret of the amount of work going on behind-the-scenes to keep all of our Hyundai Motorsport crews and customers going at top speed on stages and racetracks around the world. Another key area of the company is Finance and Business Planning, which could be called the glue that holds everything together.
These colleagues are able to precisely handle a lot of data and work under time pressures similar to other parts of the business that are considered more ‘hands on’. Together with Purchase, Logistics, Workshop Store, Customer Racing and other administration areas, Finance and Business Planning bring together the whole picture of how our company is run on a monthly, quarterly and annual basis.
While Hyundai Motorsport is a subsidiary of the global Hyundai Motor Company, we actually operate separately. So this department is an important part of ensuring our continued success.
In Finance, the team is responsible for tracking incomings and outgoings against their respective budgets. With the support of our partners and Hyundai Motor Company, and the Customer Racing activities, we can continually develop and improve all parts of our operations – translating to triumph on the stages!
Working together with Business Planning, the two departments help ensure the smooth financing of all areas of the company. Budgets are controlled and monitored using a powerful overarching software system that allows for different levels of approvals.
In Business Planning, our colleagues work with each department to help manage budgets throughout the year. If a department has a large outgoing cost or requires new equipment, parts or other items outside of the current monthly budget, they come up with a solution to reallocate future budgets. This way, they can maintain a stable budget of maintenance, monitoring and control financial risks.
The roles require diligence and focus, which is why the team is split into different areas of expertise. There is some crossover to ensure that the complex day-to-day running of the business is well handled.
As you can tell, there is a lot more than meets the eye to how our Hyundai Motorsport team functions.