Three Tips for a Successful Finance Transformation
Achieving success in finance transformation requires careful planning and execution. A clear vision combined with the right approach can produce a significant impact. CEB’s research identified three common themes in finance transformation projects. These themes can help you plan for a successful finance transformation. Here are three tips to get you started. Read on to learn how to make your finance transformation a success. Once you have the right tools and resources, finance transformation is a snap.
Data and automation provide intelligence to finance departments. Automation solutions can measure productivity and highlight unnecessary expenditures. Real-time analytics provide a bird’s eye view of organisational happenings. As a result, finance departments can focus on creating value for customers and fostering employee engagement. A successful finance transformation process will result in a happier workforce and reduced turnover. Further, it will reduce the need for expensive consulting services. So, how does a finance transformation impact the business?
The finance function needs to get the most out of its team. Rather than relying on a single individual to tackle all finance activities, a transformed finance department can get the most from its people. In the process, it adds value to the company through increased productivity and efficiency. While this sounds complex, the concept is simple. Change management, including communication with stakeholders, can help push the transformation forward. And, of course, a well-designed transformation plan will ensure success.
Whether you are looking to implement an automation solution or restructure your accounting system, an automation solution can help you. Automating processes and improving employee satisfaction and growth are just a few of the benefits of finance transformation. Regardless of the type of transformation you’re undertaking, the right tools and people can make a big difference. It all starts with the right attitude. So, take a closer look at how to implement it within your company.
To make this transformation successful, finance professionals need to make two major shifts. First, they must abandon traditional finance function operating models and create new ones. Second, they must upgrade their talent management and leadership capabilities. Embark helps you take the scary out of finance transformation. So, don’t miss the chance to transform your finance function and your business. Get ready to experience the next phase of the finance industry. You’ll be glad you did.
To make finance transformation work, you must first identify what the problems are. For example, a finance manager must be able to translate data into actionable insights for decision-making. Then, the finance manager must have the necessary skills to coach others on digital tools. Lastly, he or she should be able to work with various types of stakeholders, including senior management and board members. This is the only way to achieve the transformation in finance.