The finance function is being pulled from all directions as CFOs are asked to fill multiple organizational roles while continuing to instill financial discipline and drive value creation. For CFOs to meet their expanded mandates, the finance function must be broadly upgraded and its capabilities extended.
Every organization will take a different path on this journey, though many stops will be the same, such as designing new processes and controls; implementing standardized financial systems; or improving planning, budgeting and forecasting capabilities. Most finance functions have multiple needs and quickly discover that ad hoc improvements simply aren’t sufficient. Often, broad and deep strategic finance transformation is required.
Deloitte’s knowledge, experience, and proven methodologies can assist with each phase of your transformation, from technology selection, to process design, organizational realignment and talent management.
Finance transformation is a structured evolution
Finance transformation is a complex journey with comprehensive improvement potential. In addition to enhancing core finance function capabilities, it can deliver immediate, tangible results that build shareholder value. Just by optimizing processes and standardizing technology, you may be able to reduce operating costs by more than 30%. But finance transformation is a journey, and every transformation is different. We can help you strategically align and tailor your finance transformation to yield the gains your organization needs most.
Finance transformation provides lasting, organization-wide benefits
Deloitte’s finance transformation approach is a multi-solution process that can help your organization in myriad ways:
Leverage a range of finance transformation services and solutions
Improve finance processes
Although many process improvement initiatives focus on systems and technology, IT doesn’t drive the design. Often, underlying business processes need the most attention. Process improvement begins with operational analysis. Once completed, you can redesign business processes and your operating model to improve efficiencies.
Accelerate the financial close
In the last five years, dramatic changes have rocked the world of financial reporting. And regulators have responded. Stringent rules and heightened vigilance now make it more challenging to consistently deliver timely, accurate, reliable and transparent reports. Today, streamlining your close is less about efficiency and more about reducing reporting risks, controlling compliance costs and providing markets with increasingly transparent information.
Financial reporting and disclosure controls
Benchmarking remains critical for gauging relative performance. Integrating benchmarking into your finance operations planning can help you boost performance, efficiency and service levels.
Finance best practices
Assess your organization’s key needs, and then adopt the best practices applicable to your situation. Leverage strategic insights to create a customized solution. Our global best practices database and proprietary ValueTools™ can provide invaluable help in designing and implementing new processes.
Fit-for-purpose finance organization design
We begin by helping you align organizational strategy with long-term vision to determine and design the best possible organizational structure.
A shared service organization can improve back office operations while reducing costs up to 25%, enhancing internal controls and improving overall service levels.
Our research suggests that 70% of all mergers don’t achieve initial synergy targets. We can help avoid common challenges such as inadequate integration management, redundant systems and processes, and missed tax deadlines.
Because strong alliances are key to the success of any professional services firm, we carefully select our alliance partners, teaming up with some of the world’s leading technology and service companies to meet your needs and deliver innovative solutions to your most complex challenges.
Our human capital consultants serve a wide variety of clients from Fortune 500 companies to the Canadian mid-size market, with experience covering all industries and sectors. They are part of a team with an unmatched range of business experience, from finance and accounting to strategy, operations and tax.
The technology playing field continues to evolve rapidly, and Deloitte’s technology consultants — business advisors with deep technology skills, help our clients plan, design, architect, build, test, deploy and operate their business solutions.