Delivering Impactful Finance Transformations

Delivering impactful finance transformations involves a comprehensive reevaluation and restructuring of an organization’s financial operations, processes, and systems to increase efficiency, improve performance, and create value. At the heart of successful finance transformation initiatives is the strategic use of data analytics to drive decision-making, enhance financial forecasting, and support a more strategic role for the finance function within the organization.

In this session, Dan Wells, Oli Deacon, and Stephen Campbell discussed the challenges and strategies for successful finance transformation. They emphasized the importance of integrating new technologies, involving everyone in the organization, and having a clear strategy and plan.

Here are the highlights:

• Integrating new technologies was voted as the most significant challenge in achieving finance transformation by the audience.
• Finance transformation involves improving everything from spreadsheets and processes to bringing in new ERP systems, and should involve everyone in finance.
• The three key pillars of finance transformation are people, processes, and technology. Organizations must assess their strengths and weaknesses in each area.
• Creating a clear team vision for transformation that engages employees is important for driving change. Generative AI tools can help consolidate team ideas.
• CFO sponsorship is crucial for successful project implementation and overcoming challenges.
• Taking an agile approach and using project management software can help teams flexibly deliver transformations.
• Vendor selection requires finding partners with finance experience to avoid implementation issues. Weighted scorecards are better than lengthy RFPs.
• NetSuite is often a popular ERP choice for mid-market businesses due to functionality and affordability. User adoption and value realization are key measures of success.

Watch Back on Demand

Additionally, here’s the slide deck to help you continue your own Finance Transformation journey, reflect on the issues you need to address and create your own finance team vision.