What role should other finance leaders play in finance transformation efforts, beyond just supporting the CFO’s vision? What role should other leaders across the business play?
Sort By:
Oldest
CFO7 months ago
Leaders within the accounting and finance departments should serve as liaisons to the business departments. Traditionally, accounting and finance are supporting functions, and it's crucial to remember this during transformation efforts. We need to ensure that we are serving the needs of the business centers and communicating effectively with them to deliver what they need.Fractional CFO/FP&A Consultant7 months ago
In our experience, it's essential to engage other leaders across the business. Ask their team members what they need and would like to see. For instance, we worked with the sales team to develop a report that would allow them to access the information they needed without relying on us. Engaging other leaders and business units early on is crucial to avoid delivering a product that is only useful for finance.VP of Finance in Healthcare and Biotech7 months ago
I agree with Lea's earlier point about setting the tone from the top. It starts with the C-Suite and cascades down. As leaders, we need to ensure that this tone is consistent and authentic. If your vision isn't 100% aligned with this tone, it's crucial for high-level executives to have a conversation to ensure understanding and support for the vision.CFO7 months ago
Leaders have a responsibility to execute. They need to buy into the project but also identify areas where the execution isn't working. It's possible to be supportive while professionally raising objections and suggesting solutions. Sometimes transformation efforts can be like a steamroller, and leaders need to respectfully intervene when necessary. It's possible to do this while still supporting the overall vision.Finance Manager7 months ago
Finance transformations can have significant impacts on the day-to-day lives of people. Leaders need to understand how the finance transformation will impact the day-to-day lives of their direct reports or departments and see how they can best support each individual through the chance. This includes helping them to understand the context and reason for the change; helping them through any challenges, concerns, and worries; raising those concerns to the project team where necessary; and ensuring adequate training and support is provided throughout the project.
Change happens at the individual level, so supporting each individual through the change is the leader's job and is critical for improving buy-in across the organization and delivering successful and long-lasting change.