finance transformation initiatives

Major projects can challenge even the most experienced leaders, especially when the work is global or when there are other closely related initiatives … The marketplace itself is driving this transformation, now requiring a sense of agility and adaptability to meet the needs of an exceedingly complex and ever-changing environment. Are you getting the most from your talent? Whether through an in-house capacity or an experienced partner, however, it’s in every enterprise’s best interest to maintain a current understanding of advancements in the marketplace and how those innovations might apply to create new efficiencies. To an outsider, all of that technology would seem complex and cumbersome, perhaps even to that typical CFO as well, as they introduced each new innovation into their life. * Build communications central—With a resource dedicated to project communications, one FT team made sure everyone was in the know. 4 Your guide to finance transformation in an age of unprecedented disruption. Such improvements in both employee and customer satisfaction are much more difficult, perhaps even impossible, to accomplish without an expanded finance function that streamlines your operations and draws out the very best from your team. You lead a team … Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. Are we saying this to pour salt in the wound? Finance Transformation at a Glance. And plan for the worst. @deloittecfo. The role of the CFO is changing quickly and drastically as technology transforms the landscape, and it’s the early adopters that stand the most to gain, a title that Embark is abundantly qualified to help enterprises attain. That makes it even more important to plan for what will happen to them when they finish their FT tour of duty. Finance Transformation Resume Examples & Samples Implements initiatives that support the Finance Systems Road Map – working in close coordination with key stakeholders throughout the organization … Not at all. As a result, 85% of finance teams are currently undergoing or planning a … As always, business cost management is a critical element of finance strategy, key to driving efficiency in routine transactional processes that allows a shift in focus to building the enterprise value of the finance … Each … finance Transforming finance to meet the challenges of processing more information efficiently and turning that information into deeper insights is an organizational imperative. The initiative, stewarded by the Department of Finance (Finance), is an APS-wide program for the provision of common services through the Provider (hubs) and the transition of agencies into these … Finance isn’t what it used to be, and that’s a good thing. An Accounting and Finance Transformation Roadmap is a compass to get your enterprise from the point of departure to the point of arrival, by taking a set of actions, activities and achieving some outcomes, … These transformation initiatives … FT leads can take a mix of approaches. Each of the three CFOs have their own unique methods for developing and defining programme goals, but they’re all in agreement that having targets is an important part of a finance trans… Rethinking Supply Chains: What Could Change? Don’t risk losing the knowledge and dedication of people who have fought on the front lines of finance transformation. It can involve a variety of tasks, from shortening a … Likewise, an enterprise must also look for ways to streamline their processes, always in search of areas for improvement that those new innovations can address. But we found a few innovative approaches that were tailor-made for finance transformation. * Co-locate team members—When team members are able to bump into one another frequently, good things can happen. Savings can be reinvested in additional capabilities with long-term strategic value. FT leaders, or leads as some call themselves, have learned to make light of a serious reality: finance transformation is hard work. Finance’s rapid evolution is making it a central figure in an organization’s strategic initiatives within an enterprise, leveraging an enhanced and expanded finance function to meet those goals and vision. Too many FT Leads often are reinventing the wheel—especially considering all the helpful tools and techniques that have been developed by others. ... connect innovative services and technology with consulting expertise to optimize key processes and business performance initiatives… Your goal is the future state you have in mind, what your enterprise strives to become. This was a recurring theme in conversations with FT Leads. Karen Parkhill, CFO of Medtronic, discusses the important ways finance leaders can help guide their organizations as a crisis unfolds, while keeping a focus on, and preparing for, longer-term strategy and recovery. Once back at their house, a streaming service’s algorithms choose a new show to binge watch based on their viewing preferences and, as their head hits the pillow that night, their virtual assistant turns off the lights through smart electrical outlets. In this way, transformation becomes a virtuous cycle. Naturally, this new perspective isn’t random or without a specific purpose or origin. hbspt.cta._relativeUrls=true;hbspt.cta.load(2102630, 'efa3ace1-519b-48d9-9879-27c608f85f98', {}); We understand that high-level advice only goes so far in illuminating the importance of a transformed finance function in today’s enterprises. Budget and forecast cycles become slimmer and more accurate, attrition and overhead fall, and that critical agility increases. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In other words, Finance helps drive a wide range of decision making, providing a sense of direction for an organization’s growth. Realign your resources. Explore other reports and guides in our Finance in a Digital World TM “Crunch time” series, and read case studies about digital transformation in the finance function. Although we’ll take a more granular look at transformation specifics in the very near future, a handful of best practices will help your organization’s finance department get up and running on the transformation front, giving you a solid foundation to build from in the future. Not every team needs a dedicated resource for communications, but they do need a communications plan. The same notion holds true for customer satisfaction as well. Long story short, we take the scary out of finance’s transformation, leaving you to reap the rewards. * What it takes to lead—Err on the side of experience, especially if the sponsor is relatively new to transformation. Many of the tools FT leads put in place are identical to those that would be used for any big project. Employees previously tasked with those responsibilities are now freed to innovate and collaborate, creating a more fulfilling work experience that ultimately means they’re happier, more productive, and less likely to leave the firm. One FT lead said that when he took the job, he thought he would be able to find a ready-made game plan from others who had taken on finance transformation elsewhere. This changes the way finance … Whenever possible, look to put people in close proximity. A smartphone alarm wakes them up in the morning, also allowing them to check their emails and schedule before they even get out of bed. Part 2, What’s on Your Transformation Risk Checklist? The gap between the two represents a potential area of inefficiency and a critical driver for transformation. While it’s always been an indispensable component of a financially sound enterprise, leadership now looks to finance for its unique perspective and skill set for strategy and development as well. At Embark, we understand what it’s like to be in a CFO’s shoes, to be pulled in countless different directions at once. An evolving finance function shifts that focus from one specifically targeting costs and cutting overhead to improvement and growth which, over time, will naturally lower costs. Keep those goals reasonable and actionable, but not so simple that they don’t stretch your team to excel. As we said, we’ll be taking a far deeper dive into the different aspects of finance’s evolving role just shortly down the road. Yes, Embark’s elite squad of financial consultants can certainly guide your organization on the technological front, but a focus on the most common hurdles while transforming the finance function will help ensure a solid footing that will serve your enterprise well into the future. At the center of most projects stands a single person who is responsible for making it all happen. Upcoming Dbriefs Webcasts - January 6-12, 2012, Financial Reporting Trends: Forecasting, Communication, Internal Controls, Medtronic CFO: The Role of Finance in Crisis Response, As Offices Reopen, CFOs Rebuild Real Estate Plans. Global Economic Brief: Latest Surge Risks US Recovery, How Blockchain Impacts Financial Reporting Controls, Vaccines Boost CFO Outlooks for Year Ahead, C-Suite Insights: Digital Growth Fuels CEO Optimism, Future of Controllership: Data-Driven Strategy Partner, Global Economic Brief: Explaining Equity Price Surges, How One CFO Used the Pandemic to Enhance Communications and Processes, Transform While Transacting M&A Deals, Global Economic Brief: US Recovery Outpaces Europe, What’s on Your Transformation Risk Checklist? She also shares her views on finance’s critical support of innovation at the medical device and equipment producer. Would you start a road trip without a destination in mind? Finance transformation: A Lean approach to increase value 5 Lean’s impact on Finance organizations Beyond merely improving workflows, Lean provides an operating methodology to sustain process excellence and continuously improve results. Where possible, tie these metrics to the company’s overall digital objectives. That’s a big blind spot as FT projects usually engage a team of top talent. Make a list of the full range of skills your team will need before starting the first interview. For relevant content at your fingertips, download the CFO Lens™ app. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. This is especially important for your customer-facing staff, where a sense of empathy goes a long way in maintaining brand loyalty and spreading a positive word-of-mouth around your enterprise. Yet no hired gun will know the ins and outs of your organization. For instance, let’s take a look at the typical day of a CFO, only from a more personal perspective. We are nearing year's end and in our latest post we look back at the progress of the UW Finance Transformation … * Sponsorship—When it comes to sponsorship, FT leads should expect the best. This might include new technology, partnerships, staff training & development, a change of processes, or a combination of things to help you reach your vision. For now, however, take this primer on a transformed finance function and use it to examine your enterprise from a bigger perspective. From the rapid flow of business ventures moving in and out of the market, to the accompanying M&A activity that continually changes the landscape -- both internally and externally -- finance is growing up right before our very eyes. Our Finance Transformation services address critical issues facing finance across major industry sectors, including vision and strategy, organization and talent, business processes, and technology. Part 1, European CFOs Confront an Uneven Recovery, Global Economic Brief: President-Elect Biden’s Agenda, Banking: Expand Plans to Integrate Climate Change, New Law May Drive Privacy Strategy Refresh, Now Is the Time to Reboot Risk Management, Global Economic Brief: Vaccines Point To Growth, CN Rail Rides Balance Sheet Strength to Recovery, This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. Following are insights from leaders of FT initiatives who have weathered the transformation storm. Transformation initiatives include driving greater awareness and understanding of the role Finance can play, benchmarking, developing shared services models, outsourcing, new technology, … Transformation can open the door to unanticipated projects that can multiply complexity fast. Harrop, Tindal and Comino agree there is no point initiating a finance transformation unless there is a clear objective. And for good reason. Our Finance transformation model is focused on making finance pay for itself. With so many people involved and mounds of spreadsheets constantly accumulating, roughly defined processes are often different, from geography to subsidiary. W… Finance transformation initiatives are often introduced to improve service delivery and information quality all while keeping costs in line. Stay Informed . * Spring for boxed lunches—One large team rented a nearby auditorium so they could eat boxed lunches together. Planning is critical, however. Transformation initiatives are voyages fraught with uncertainty but also full of excitement for the opportunities and discoveries that lie ahead. Give Embark a holler and let us show you what a transformed finance function looks like. That’s where activity analysis comes into play, a way for leadership to track how long it takes employees to accomplish tasks. Granted, not every company has the means to devote themselves to such efforts, which makes relationships with partners like Embark all that much more important. Finance Transformation: Are you enabling enterprise performance and value? Transformation Insights: Welcome to Transformation Insights: the UW Finance Transformation blog. Identify the most obvious sources of inefficiency in your organization, put together a strategy to address it, and then place your plan into action. And for good reason. The same premise holds true for a CFO and the finance function they oversee within an organization. As companies reopen their offices and other facilities, CFOs have an opportunity to collect and analyze data that can guide them in reshaping their real estate assets for the future, including decisions on employee safety, costs, and technology needs. Best of all, the technology a CFO needs to create those efficiencies, both for their own job performance as well as the enterprise itself, are already available, just waiting for Mr. or Ms. CFO to integrate them into their operations. And yes, venturing into dad joke territory, Excel is an especially convenient way to track those goals -- go figure. However, that endless list of responsibilities and tasks are precisely where a transformed finance function shines brightest, getting the most from a team while adding value through greater productivity and efficiency. This role will manage finance transformation & consolidation initiatives.. You will also develop integrated revenue and expense analyses, projections, reports, and presentations.

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