Developing the roadmap
Each finance transformation journey is unique and every organization’s ultimate destination is different. To redefine itself as a cost-effective, service-oriented business partner, Finance transformation strategy should be designed to meet key stakeholder requirements and encompass best practices and lessons of others.
Regardless of the reason for setting out on a Finance Transformation journey, a well designed implementation strategy is fundamental to its success. It should be one that embodies change across all elements of the Finance infrastructure: organization, process, people and technology
Solutions from StraitsBridge
At StraitsBridge, we help CFOs structure Finance transformation programs incorporating all or select areas in the CFO’s domain with the four key areas of change: organization, process, people and technology.
Our approach ensures that solutions are integrated and work to maximize the benefits, while at the same time they minimise the risks of the complex change program for the organisation.
Our deliverables include:
Identify opportunities to improve effectiveness through evaluating the current performance of the Finance function against expectations of stakeholders, best practices and external benchmarks. Establish new goals for the future finance function and prioritize the gaps between the current and the desired state
Establish a clear view on the key principles behind the future operating model for the finance function and address productivity and/or control issues resulting from misaligned organizational structures and imbalanced workloads
Maximize automation so human resources are free to focus on analysis and decision-support processes
Develop and implement a detailed roadmap prioritizing improvement efforts, required resources and appropriate measurements for implementation. Also, facilitate governance to ensure transformation projects are clearly communicated and effectively adopted
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Typical situations that prompt the need for transformation in Finance
Appointment of a new CFO Confronted with legacy matters, the incoming CFO seeks reassurance on the efficiency & reliability of the Finance function
Major shift in business strategy or organisational structure Reshaping the Finance organization and realign its objectives to the new reality
Merger and Acquisition Need for rapid integration of the finance functions. And development and implementation of the new operating model
Data Integrity Frequent financial restatements or other financial reporting issues
Cost management Review of Finance function’s priorities and benchmarking its operating model and efficiency
New Technology Implementation of new systems within and outside the Finance function, with significant impact on finance processes and competency requirements
Frequent issues Finance function facing challenges related to information quality, risk management, timely reporting of information, retention of key staff, etc.