Talking with Global 2000 CFOs and other business/technology leaders about transforming the finance organization, here are the typical finance transformation outcomes enterprises are striving towards. There is nothing highfalutin there, but the simple finance transformation outcomes sought by finance leaders is a testament to the current state of affairs where even a basic process is complex, cumbersome, costly, and at times inaccurate.  So, while the current state-of-the-art may be possible, the aspirations are much more grounded in reality.

“Forget the wishful thinking of a daily close. If we can do our financial close and report within a month, we’d be happy. Right now it takes an army of augmented staff and herculean efforts to complete this nightmare,” said a flustered CFO of a giant corporation with grew out of unwieldy acquisitions over the years. 

Typical Finance Transformation Outcomes:

  1. Efficiency and accuracy in basic transaction processing and reduce errors and improve accuracy.
  2. Reduce and eliminate the proliferation of Access databases and Spreadsheets for various functions.
  3. Decrease the time it takes to do budgeting. Annual budgeting should not take almost an entire year.
  4. Improve the experience of the stakeholders relying on finance for various tasks, activities, data, dashboards, and reports.
  5. Reduce the effort it takes to comply with government and other regulations.
  6. Enhance the forecast accuracy and also the ability to frequently update forecasts based on changes in business dynamics
  7. Accelerate financial close and reporting.
  8. Change the perception of users and stakeholders as recorders of past events to a business support function.
  9. Improve visibility and pace of accounts payable process.
  10. Eliminate the practice of using email as a workflow system for important financial transactions.

These are the finance transformation outcomes that are typical to a Global 2000 CFO.  Are you considering a finance transformation of your own? And if so, what are the outcomes you desire and how are you planning on achieving them? Please check out CIOPages.com Finance Transformation Framework.

  • Finance Capabilities Model

    Finance and Accounting Business Capability Model

    Finance and Accounting Business Capability Model: The CIOPages.com Finance and Accounting business capability model is a hierarchically decomposed list of capabilities which captures the end-to-end entities that span the finance and accounting function. The accounting and finance business capability...
    $699.00$1,999.00
  • Sale! Finance and Accounting Transformation Change Management Plan

    Finance and Accounting Transformation Change Management Plan

    CIOPages.com Finance and Accounting Transformation Change Management Plan is a customizable deliverable outlining the concepts and specific action plans required to implement change management plans as a part of significant process re-engineering or systems implementation in the F&A function. Th...
    $149.00$499.00 $99.00$299.00
  • 3

    Finance Transformation Project Checklist

    Accounting and Finance Transformation Project Checklist is a handy list of critical items to evaluate the successful completion of an implementation. Any major transformation program is fraught with several challenges, and a Finance and Accounting Systems implementation is no exception. While it ta...
    $99.00$299.00
  • 1

    Finance Transformation Software Top 50 Features

    Accounting and Finance Transformation Software Top 50 Features is a handy list of features and functions which are important in a finance and accounting software. Finance and Accounting software have evolved from just a recorder of history to mission critical, real-time decision support system. As y...
    $49.00$149.00
  • 7

    Finance Transformation Software Vendor Evaluation Matrix

    Finance Transformation Software Vendor Evaluation Matrix helps firms assess potential software vendors during a finance and accounting transformation. Finance and Accounting software vendors galore – from full-fledged platforms to niche point solutions. Who’s right for you? This CIOPages.com Fin...
    $399.00$999.00
  • Finance Value Streams

    Finance Value Streams

    CIOPages.com Finance Value Streams (also known as Record to Report Value Streams) deliverable captures the end-to-end activity flows in the finance and accounting areas. These Report to Record Value Streams offer a structural basis to map and define/redefine a stakeholder experience and IT enable th...
    $299.00$999.00