What Is Finance Transformation?
- How Do F&A Get Their Own Information?
- New Sales Channels for Local Exporters
- The Global Organization as an EY
- A Strategic Finance Transformation Plan
- The Lab for Detecting and Implementation of Finance Transformation Process Improvements
- How to Reduce Costs in Finance Transformation
- The Changing Face of Finance
- The Transformation Charter
- CFOs and Business Unit Leader
How Do F&A Get Their Own Information?
If F&A departments spend a lot of time using a clunky and ineffective method to gather historical financial information, it is just a matter of time before competitors or new entrants start eating into the differentiated value created by the business. Getting buy-in for any transformation is dependent on building relationships with internal customers and gaining their trust. The same way a business provides products or services to their customers, such projects must create value and provide services to solve their pain points before internal stakeholders see the benefit of a finance transformation.
New Sales Channels for Local Exporters
New sales channels are opening up for local exporters with the arrival of major platforms. Asialink Business offers tips on selling to Chinese shoppers.
The Global Organization as an EY
The finance function is constantly evolving through constant change. As the C-suite needs and expectations increase, organizations must find new ways to raise ambition for the future or risk being in violation of the law. Each of the member firms of the global organization is a separate legal entity, and may be referred to as EY. The company limited by guarantee, called Ernst & Young Global, does not provide services to clients.
A Strategic Finance Transformation Plan
There are many factors that make a finance transformation a strategic imperative. Regulatory burdens, changing competitive dynamics, and increasing expectations from the finance and accounting functions are some of the external drivers of F&A transformation. Lack of sufficient controls to delays in financial close, lack of visibility into operations, and ineffective working capital management are some of the internal drivers of a finance and accounting transformation.
A finance transformation plan is needed. The finance transformation roadmap will typically consist of a quarter by quarter schedule of activities, outcomes and milestones for the first 24 months. The transformation roadmap usually consists of high-level work streams and phases so thatIncremental delivery is possible.
The Lab for Detecting and Implementation of Finance Transformation Process Improvements
The Lab can identify and implement the majority of finance transformation process improvements which do not require new technology. Improvements to finance and accounting business processes are 80% dependent on no new technology.
How to Reduce Costs in Finance Transformation
Finance transformation efforts are often about cutting costs and driving productivity. The best way to start evaluating the areas that need improvement is to start benchmarking the metrics that are key to finance operational efficiency.
The Changing Face of Finance
The pressure on Finance to do more has never been greater. The core responsibility of financial scorekeeping has been removed. Finance teams must bring data driven insights from advanced analytic and modeling.
People who used to work in the four walls of their business are now collaborating with one another and sharing information that was previously kept secret. The organization is on its way to standardizing its financial systems after being unable to take advantage of its scale. The model created by the client and PwC is powerful.
The Transformation Charter
The transformation charter is a concise summary of what the firm is trying to solve and what the desired outcomes are. It is a higher-level document, but not a detailed business case. The candidate value streams address the scope and enormity of the transformation challenge by identifying end-to-end Accounting and Finance value streams of the company.
It depends on how big of a change your business is undertaking, but typically the value streams are Record to Report, Data to Insight, Order to Cash, Procure to Pay, etc. A change management plan is important for any transformation endeavor. A robust change management and adoption plan is very important in making a major transformation program a success.
CFOs and Business Unit Leader
CFOs and their teams are expected to counsel business units on innovative approaches. They are being asked to use sophisticated analytic to measure and manage organizational performance so they can better support complex decisions and create more accountability. Informal and formal training opportunities are essential.
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