Finance transformation process is an encapsulation of the depth and breadth of effort required to successfully transform accounting and finance functions to excel in the digital age. The finance transformation process is complex, arduous, and costly. All the steps in the finance transformation process are important but some can lead to the collapse and have long-term consequences.
The finance transformation process is complex, arduous, and costly.
Such critical steps that can exacerbate the failure risk are as follows:
a) Not understanding the value streams well and how the experience of these value streams needs to reshape in the future. b) Lack of a finance business capability model. c) Finance technology has become a critical success factor in transforming finance. Selecting a finance software platform that does not meet the needs. And d) Underinvestment into change management and adoption.
The Finance Transformation Process Steps Outline:
- Identify Finance Transformation Drivers
- Conduct Current State Assessment of Finance and Accounting
- Develop Finance Transformation Preliminary Business Case
- Adopt an Accounting and Finance Transformation Framework
- Launch the Finance Transformation Work Streams and Projects
- Envision the Future State Finance Operating Model
- Create a Finance Capability Model
- Decompose Finance Value Streams
- Define preliminary target state conceptual architecture
- Craft a capability-based Transformation Roadmap
- Develop Detailed Business Case
- Evaluate and Select Consulting Partners
- Evaluate and select Finance Software platforms (if applicable)
- Evaluate and select Finance Business Outsourcing partners (if applicable)
- Launch Finance Transformation Implementation Work Streams and Projects
- Adopt and Implement a Change Management Plan (Communications, Training, Adoption)
- Project Governance and Risk Management
- Deployment and Rollout