Steps to successful finance transformation

Wow!! January went so quickly, many can not believe 31 days are gone already. Many CFOs and Finance Managers who are thinking of finance transformation might still be wondering, “where do I start?” 

Let me give you a few quick steps to follow:

Steps to successful finance transformation

Step 1: vision

Start with a vision. Where do you want finance to be in the next 3-5 years?What do you want finance to deliver?How do you want finance to work with the rest of the business?What are the gaps between the current and future state?

Step 2: business architecture

Take that vision and consider what it means in terms of operational finance, business finance, strategic finance, organisation and people, information and systems, policies, and processes. Here too, look at the current state and consider what needs to happen to reach the future state.

Step 3: Planning – Create a blueprint.

Now, identify the investments you’ll need to make to bring about the future state. Think about the policies and processes that need to change, the organisational structures that need to be created or taken apart. Consider your talent mix to ensure you have the right people and development plan to help them fulfill finance’s new role.

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This will make a good read “Keys To Managing Your Money”