Besides people, process, and technology, what are the key mindset or cultural shifts that need to happen within a team for finance transformation not to fail?
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VP of Finance in Healthcare and Biotech7 months ago
The team must adopt a change mindset. It's crucial to have proactive decision-making, as indecision can lead to a loss of momentum and increased frustration. In consensus-driven cultures, decisions can sometimes be slowed down, so it's important to designate decision-makers and support them fully.CFO7 months ago
The tone at the top is important. If the leadership is supportive and their support trickles down, it's easier to navigate the transformation.Fractional CFO/FP&A Consultant7 months ago
The team needs to shift from a reactive to a proactive mindset. This transformation can help us stop putting out fires and start seeing things ahead of time. It also allows the team to move from non-strategic to strategic tasks, which can help individuals progress in their careers.Finance Manager7 months ago
Taking a good project management approach to the project and developing a clear plan involving the right people can help reduce the execution risk. Also, having a good change management approach is key. People need to understand why the change is happening, which can help reduce resistance to the implementation. Leaders should support their teams through this change, as different people react to change differently.
It's also important to consider who leads the implementation. The team that is the subject matter expert should lead the direction of decision-making. This can result in better decisions because the people who need the system are the ones controlling its direction.