Navigating a digitally transformed finance landscape
Working in a finance department is not about churning out financial reports on a regular basis anymore. Today, the focus has shifted from reporting results to actively adding value to the business. And while new technology and access to real-time data provides employees with the tools to do so, changing mindsets often proves even more challenging.
Three waves for a future-proof finance department
To help CFOs navigate a changing digital landscape, our finance experts have drafted a comprehensive roadmap toward becoming a value-adding financial department. In this ‘Finance Transformation Roadmap’, they identify three transformation waves: efficiency, effectiveness and value creation.
- Efficiency: The first step is to identify how the operational aspects of accounting, budgeting, costing, reporting and compliance can be optimized. This is where most companies are today when it comes to transforming their finance departments, and it’s closely linked to past ERP implementations.
- Effectiveness: A step beyond increasing efficiency is increasing the effectiveness of the finance department. This is where we introduce next-level controlling. Decision-makers gain insight into how their business evolves over time through continuous accounting and soft closes or through cost-to-serve concepts, driver-based modeling and management reporting.
- Value creation: This is where things get really interesting. By introducing innovative technologies that enable real-time reporting — like robo-accounting (RPA), SAP integrated business planning, business intelligence solutions and a strategic compliance approach — the finance department can start creating significant value for the business.
Along with an in-depth take on the abovementioned waves of transformation, the Finance Transformation Roadmap contains a plethora of valuable insights that will help you improve efficiency, effectiveness and reliability. Also included are clear-cut solution proposals – both specific and technology agnostic – and careful considerations about their impacts on future capabilities. In short: it’s the ultimate guide towards turning the finance department into a full-on strategic business partner.
Kick off the digital transformation of your finance department today, by downloading the free e-book and roadmap.