Finance leaders, how do you know your readiness for finance transformation? What are the key factors to consider when determining the scope and scale of the initiative?
Jeffrey,
Thanks for initiating this post. I am a finance transformation advisor that has been leading large scale implementations for nearly 15 years and I can tell you the industry definition is not a static nor consistently understood one!
My definition is simple - create a vision for the finance function that complements the company strategy roadmap. There are some key factors that I consider when leading and/or advising on a major transformation initiative. However, what is most important here is the intended outcome, which is to enable internal processes to meet the competitive advantages of the finance technology platforms used in-house. This is what I refer to as "solution enablement".
Happy to help answer questions in this space that others may have about finance transformation initiatives.
Gretel,
I think you and I have a very similar starting point for our transformation initiatives - starting with where we are and where we want to go in future state. This strategic roadmap is critical to getting the transformation off the ground. I would be interested in learning about your experiences in this space.
Chris, I agree all three need to be looked at, but that is a broad basis to start with. Any tips you would give on how to carry out this assessment?
Broadly, finance transformation is giving finance teams a seat at the table and not simply closing the books and producing financial statements.