Finance transformation goes well beyond improving efficiency and cost reduction. True transformation redefines the value of the finance function and results in a dramatic re-positioning of finance as a strategic partner to the business. Finance transformation should be seen as something all business leaders consider regardless of the size of the organisation.
How to achieve it
Change activities proceed in an organized, structured and disciplined manner. The scope and timing of each element of a transformation program is considered relative to other elements. This methodical approach is necessary to accelerate program delivery, minimize risk, build sustaining capabilities and optimize the benefits.
Where to begin
A transformation program typically begins by assessing performance and capabilities covering processes, data, systems, skills and management practices. The assessment process is guided by diagnostic tools. The assessment determines areas of focus, along with suggested sequencing of improvement activities.
Why take action
While cost reduction should not be the sole driver for a finance transformation program, the savings can be significant. Working with companies across all segments, transforming the finance function can yield cost reductions ranging from 20 to 40 percent depending on the initial performance level. The business case should also include softer and harder-to-quantify benefits, including delivering greater strategic contribution.
Finance transformation enables companies to:
- Align the finance organization as a strategic partner to the
- Drive down the costs of transaction processing.
- Improve the quality and reliability of service delivery.
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