This article was inspired by a comment that Andrew Jepson made in response to Part 2 of my series on Innovation and Finance, which spoke about the attitude that Finance should have to innovation within its own function. He said (in commenting on my
Before we even get started talking about how you can transform your finance function we need to answer the big question, the WHY. Why does transforming finance matter? Sure, there’s a cost element to it where you can benefit from labour arbitrage by offshoring to
In practically all mid-size or large companies these days you will find finance business partners or business finance functions with the purpose of bringing Finance closer to the business. However, despite all these functions and teams have been created with good intentions many of them
When you attend conferences about the development of the Finance Function you often see that half of the breakaway sessions are hosted by various companies selling finance systems whether it’s large scale ERP systems or small niche planning and analysis systems we’ll bet you that
The Finance Function is changing and has been doing so for a while. We’ve committed to investigating what’s beyond (not behind) all this change. To do that we need to start with the basics, though. The finance transformation for dummies you could say. The reason
The idea that Finance should transform into an automated, digitized and value adding function has been around for years. However, in many finance functions, it’s NOT happening. At least not yet, successfully that is. At the centre of this non-action is the CFO. (S)he needs
According to a survey by PWC, Accounting topped the list of professions at risk of automation with 97.5% probability. We repeat 97.5% probability! And it’s already happening. Companies have reduced the number of full-time employees per $1 billion of revenue with 40% from 2004 to
Successful transformation of a company or any function starts at the top. If senior management is not bought into the transformation then nothing will truly happen. Even if they are bought into it, they still need to convince the organization that it is the right
If there is one thing you hear from your finance team these days it is that they want to partner with you to create results and add more value to the company. All finance functions with respect for themselves have created business partner sections and
First, I have nothing against accountants and once or twice I have been called one myself. However, in today’s business environment and with the current trends in Finance as described in the article “Introducing The Finance Transformation Nine Box” the need for true accountants has
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