A roadmap towards a future-proof finance department
delaware’s digital finance transformation roadmap helps finance departments step out of their silos to become strategic business partners that add true value to their business in today’s increasingly digital era.
The roadmap consists of three waves for the finance function:
1. Raising efficiency
2. Improving effectiveness
3. Generate added-value
Digital transformation rewrites the rules of business. Yet, it takes much more than a forward-looking IT department to drive digital transformation. The CFO role is changing too. Finance must report on the past, manage today and anticipate the future, working closely together with colleagues in all other departments to deliver the insights they need to make decisions rapidly.
5 key transformation challenges for the CFO
Most finance departments have their operational and financial responsibilities well covered. But this is no longer enough. They must take up new roles and responsibilities, facing the following transformation challenges:
as the pace of transformation is increasing in every industry, a roadmap is a must these days
Actions on many different levels
For years, there has been a lot of discussion about the CFO’s changing role and how they – and their teams – should become business partners. Yet despite that understanding, we see that most finance departments are still struggling to embrace their new roles and responsibilities.
Understandable, as it requires actions on different levels to make the shift from capturing and reporting results to becoming a true business partner that focusses on long-term value creation: from leveraging the latest technology and carrying out organizational change to learning new skills or hiring new people.
Three transformation waves
delaware helps customers move towards a finance office that creates value for the business. Our 3-wave transformation model illustrates how a company can evolve from focusing on operational aspects that increase efficiency to using smart tools that create true value. Based on this model, we help companies define their own roadmap towards becoming fully future-proof:
Wave 1: efficiency
The first wave focuses on efficiency: we help organisations understand how they can streamline finance, optimizing the operational aspects of accounting, budgeting, costing and reporting. Here, finance is seen as a ‘must-do’ as it mainly concerns legal compliance and basic reporting. This is where most companies currently sit, closely linked to the ERP implementations in the past.
Wave 2: effectiveness
The next wave takes finance one step further, exploring ways to increase its effectiveness: we introduce next-level controlling. By extending the year-end closing with continuous accounting and soft closes, for example, or by introducing cost-to- serve concepts, driver-based modeling and management reporting, our customers gain insights into how their businesses evolve over time.
Wave 3: value
The final wave focuses on value creation: we truly transform finance to help it create value for the business by introducing robo-accounting (RPA) in finance processes. By harnessing innovative technology, such as SAP integrated business planning and performance reporting and next-gen business intelligence solutions (Microsoft PowerBI), this would bring the finance office to the next level.
How can we help?
Based on our three-wave model, we can help you define your roadmap towards future-proof finance. Whether you want us to review and smooth your operational processes, or you have a full-blown ERP system in place and want to learn about next-level controlling, we will tailor the roadmap to meet your needs and expectations. As seasoned finance, controlling and ICT consultants, we can
- assess your business needs and design solutions
- provide advice based on industry best practices
- give training sessions (workshops, refresher courses)
- identify the right technological solutions and architecture
- implement technology
- ensure integration with your existing systems
More than that, we increasingly offer advice and solutions that help companies bridging the gap between finance and controlling.
Why choose delaware?
Our down-to-earth approach inspires companies to set up successful strategic roadmaps
- We take a proven, agile, structured approach
- We offer end-to-end solutions from concept to realization and support
- We collaborate closely with your team
- We have +15 years of experience in finance transformation across numerous industries