The word ‘transformation’ brings with it grandiose connotations that shout ‘high cost’ and ‘slow payback’ to CFOs. However, finance transformation is not a one size fits all solution and it doesn’t always mean a massive overhaul of the finance function. Successful transformation can be achieved by taking a more ‘a la carte’ approach – providing shorter term initiatives that remain true to the longer term vision of Finance and the organisation as a whole.
Through our work with global organisations, Deloitte has identified 10 key challenges that should be considered by CFOs when defining their transformation agendas. We believe that understanding these challenges and adopting proven strategies to address them can help Finance fulfil the expanded role and responsibilities it has at the executive table.
It is important to highlight that these do not have to be considered all at once and CFOs can choose from the following ‘a la carte’ menu dependant on what makes sense for their organisation:
Prioritising Finance Transformation investments
Finance has multiple investment priorities, from redefining the Finance operating model to investing in new Finance systems and Finance processes and enhancing Finance talent management. All of these require varying commitment levels, timing and resources.
Realistically, Finance can’t do all this at once, but leading companies leverage Finance maturity models to assess gaps between performance and objectives. They develop a Finance strategy that supports the business’s overall strategy and operating model, and then develop a long-term, holistic Finance road map that addresses Finance strategy, processes, organisation, and systems requirements.
|Gartner recognises Deloitte as a global leader in Finance Transformation Consulting Services
The Gartner Magic Quadrant for Financial Management Consulting Services.
|Finance business partnering
Being one step ahead.
|Shared Services & Business Process Outsourcing
Creating value beyond cost reduction.
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