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 … 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? Part 2, What’s on Your Transformation Risk Checklist? The context of this insight is founded on the many clients we have worked with on transformation initiatives including, Finance strategy, operating model design, process redesign, Finance … Harrop, Tindal and Comino agree there is no point initiating a finance transformation unless there is a clear objective. That’s a big blind spot as FT projects usually engage a team of top talent. 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. Too often, the close process is run by gut, instinct, and collective knowledge, versus a defined, centralized, and orchestrated workflow and process. Those highly efficient processes that can now automate and streamline internal tasks give your employees the opportunity to better focus on the customer experience. Planning is critical, however. Identify the most obvious sources of inefficiency in your organization, put together a strategy to address it, and then place your plan into action. Each … 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. You can say the same for most, if not all, aspects of your operations. * Use motivational tools—Many project teams used motivational posters and signs to help keep things on track. 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. Good … * Play defense before you have an opponent—One team created a toolkit to help members counter pushback from the business, complete with documents and role-playing scenarios to prepare them for dealing with naysayers. Are we saying this to pour salt in the wound? finance transformation, Finance Transformation 101: A Guide To The Modern Finance Department, increase profitability & leadership agility. Let’s say part of your transformation is centralizing accounts payable in a … Two problem solvers—generalists with broad experience in revenue reporting and analytics work—have been pulled from lower-priority initiatives … It’s a more involved role for finance, one that uses advanced analytics, demand planning, pricing, customer and employee satisfaction, and other dynamic facets of operations to provide leadership with more precise and far-reaching insights. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. * What it takes to lead—Err on the side of experience, especially if the sponsor is relatively new to transformation. The FT team should be a collection of star players. ... connect innovative services and technology with consulting expertise to optimize key processes and business performance initiatives… 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. Transforming finance to meet the challenges of processing more information efficiently and turning that information into deeper insights is an organizational imperative. 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… DTTL (also referred to as "Deloitte Global") does not provide services to clients. As we said, your finance department is growing up, so maybe it’s a good time to see what they’re capable of accomplishing for your operations, employee base, customers, and stakeholders. Many of the challenges and obstacles faced by FT leads can be negotiated much more easily with the right game plan—one built on the insights of those who have already been there. Even minor accomplishments could be of interest to certain internal audiences. 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. For others, it could be working in a business partnering role that builds on the skills they learned. 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. 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