*Finance transformation in this survey includes examining the service delivery model and how finance processes are structured as well as streamlining and standardising processes and effectively leveraging digitisation and automation.
In today’s business environment, the finance function needs to transform if they want to stay relevant for their internal and external stakeholders. Finance needs to acquire the ability to constantly change and adapt.
The finance function must be:
- Agile: Able to adapt to new market conditions, business models and changes in regulatory matters.
- Trustworthy partners: Able to provide stakeholders with accurate and timely analyses and challenge and recommend actions to improve business performance.
- Dedicated to their customers: Able to focus on stakeholders’ needs and organise themselves in a service-minded manner to deliver on quality.
Transforming finance to be fit for the future and relevant for the business
The length and extent of a finance transformation process depends on a number of factors, including your level of ambition, your current capabilities, tech maturity and the robustness of your processes, including roles and responsibilities.
A transformation process is by no means an easy feat, and the model below provides an overview of the areas and factors you should consider before initiating a finance transformation: