When it comes to enacting change within your finance department, there are many factors to consider. From assessing your current business processes to predicting how technology will evolve your operations, organizational financial transformation does not take place overnight, but it does start with small steps. Here’s a closer look at a few tips for making sure organizational financial transformation takes place successfully within your company.
Your Finance Department Should be Extremely Profitable
It’s within your finance department that you can enjoy many cost savings, especially when you’re using the right technology. From storing and processing massive amounts of data to analyzing your operational performance, you can gain valuable insight, allowing your decision-makers to guide the organization through their wise decisions that are based on company-specific data.
Understanding the Obstacles
There are four primary obstacles that most organizations face within their finance departments. It’s imperative that you assess your company’s need to overcome these challenges, as it will play a large part in the solutions that you need to implement:
- Slow delivery of expedited financial information
- Finance operations take too long to perform
- Finance operations require too many resources
- Poor collaboration across departments
- Poor management of high number of transactions
Taking the Initiative to Transform
As you start assessing your current financial operations, it becomes clear to see that a transformation needs to take place, and you must remember that a strategy must be developed that is designed solely around your organization. In order to this, an extensive investigation of your current operations needs to be implemented, followed by an evaluation of your company’s probability to execute the practices it needs to to achieve the goals you have set. You’ll need to find an end-to-end business suite that extends functionality within your finance department, and your finance staff members need to be trained to work with the suite.
This suite needs to include solutions that directly relate to:
- Enterprise resource planning
- GRC solutions
- Business analytics
- Enterprise performance management
- Integrated treasury and risk
- Tax management
- Financial controls
You should also consider switching some or all of your financial operations to the cloud. With cloud services, you can have access to an assortment of financial controls and activities that would normally be too costly. Benefits of switching to the cloud include:
- Enhanced collaboration
- Streamlined processes
- Real-time data repositories
- Support for change
It is well known that financial operations have always been core activities. When you transform your financial functions, you then have the ability to better tap into the resources you have as well as new ones, and this can lead to massive savings, both overhead and on your bottom line.
Source: Aberdeen Research