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.