Finance Transformation Success Stories
As part of financial transformation programs, many finance leaders find it difficult to convert finance analytics into business insights. Reclaim the value of financial analytics in business decisions.
Flipping The Odds Of Digital Transformation Success
Few companies have the luxury of designing their digital transformation strategies from the ground up with no constraints. In fact, there are frequent digital initiatives in the works, some of which are still in the early stages of development, as well as important business concerns that require immediate attention. Few executive teams are totally aligned on the digital agenda from the start. As a result, when the choice to start the transformation is taken, the six success factors are generally missing.
People: The Missing Ingredient In Finance Transformation
During disruptive events like the COVID-19 epidemic, businesses are inclined to put transformation on wait in order to focus on day-to-day survival. During a crisis, though, it's critical to invest intelligently and develop the human resilience needed to guide the company through and past the difficulties.
Transforming Finance Function
Create a shared and clear vision for your financial department.
It steers a corporation and guards it from diversions and detractors. It allows a corporation to manage toward a clear destination and quantify value before, through, and after the program since it is fixed.
Make a compelling and adaptable implementation strategy.
A roadmap is the transformation's "what, when, who, where, and how" planning and guidance asset. The functional scope, technical landscape, timing options, and business cycles, users and business partners, global locations, deployment approach and governance structure are all included.
Create processes that are user-friendly.
The user experience is one facet of user-centric thinking. Rather than recreating old transactions with a new user interface technology, it focuses on how people work and what is required to enable users complete their tasks.
Create a data foundation using intelligence
Don't undervalue the importance of good data or the time and work it takes to acquire it right. It's critical to develop a data strategy early on in any transformation to grasp the value of data for the business and then turn it into insights.
Integrate innovation into the program's core.
Add artificial intelligence and machine learning to the right processes in your solution to speed up processing, increase data correctness and generation, remove reconciliations, and execute real-time allocations—all while preserving global regulatory compliance and risk mitigation.
Deal with global and local complexities
Every project must define, document, and communicate its own set of global and local requirements. "Global" usually refers to shared components and procedures, whereas "local" refers to country-specific legal and legislative requirements, as well as contractual, industry regulatory, or local business practices.
Establish strong decision-making governance.
Effective decision-making necessitates good governance. It also allows businesses to manage the breadth of the change, ensuring that the solution and key partners are on the same page as the initial goal.