Becton, Dickinson & Co: A merger focuses finance on the big picture. Three distinct phases of evolution have emerged around these three elements. These and other questions were the focus of a recent blog by Planful. This website uses cookies to improve your experience while you navigate through the website. "Submit" 59 . Here are samples of Oracle's key modern best practice processes for financials. Expectations are at an all-time high, yet resources are increasingly scarce. What is Financial Consolidation in the Accounting World? Attend this session to gain easy and powerful insights into what are the best and most leveraging operating practices resulting in best Financial Close performance from the global logistics industry and what you could learn to your business. Evaluate, prioritize and scope activities to build a finance transformation roadmap, Create a future-state design with best practices, case studies and tools to support the business case, Implement strategies that create value for business partners, Keep finance transformation projects on schedule, on budget and sustainable, Reset Your Business Strategy Amid COVID-19. This is an often overlooked strategy in transforming Finance. "Continue" Gartner identified the trends shaping the future of finance with new processes, technologies and business models. button, you are agreeing to the Finance and Accounting Transformation Communications Best Practices: The CIOPages.com Finance and Accounting Transformation Communications Best Practices deliverable outline the best practices and ideas to craft an effective communications plan.Finance and Accounting Transformation and Systems Implementation is a major transformation in any enterprise and it is fraught with FUD … Transformation from what to what? Empower managers with self-s… Download the research and learn about the 10 trends to watch now for the future of finance. Where should you start? 1© 2013 Best in Class Finance Transformation - Best Practices for the Finance Function Birgit Starmanns Senior Director, Finance Solutions, SAP birgit.starmanns@sap.com 2. But opting out of some of these cookies may have an effect on your browsing experience. We use cookies to deliver the best possible experience on our website. Questions about becoming a Gartner client? Finance talent needs are shifting at a rapid pace, and it is vital to finance transformation success that finance leaders equip the finance function with next-generation skills. CIO told to transform the business and improve overall business performance. Does not view IT as strategic. And then it involves using flexible technology platforms to support improved business processes. To break down siloed thinking, executives need champions who are focused on end-to-end process optimization and ownership.At the moment, there’s often a significant gap between best practices and reality. This includes getting the right people involved in the project – Finance, IT, and line of business (LOB) stakeholders. By clicking the Our analysis revealed the four common mistakes that characterize unsuccessful finance transformations. EMC Best Practices: 1: Business is not engaged. Safilo Group: Speeding up the pace of evolution. ©2020 Gartner, Inc. and/or its affiliates. In order to … Is Your Organization Ready for Continuous Planning? To successfully accomplish finance transformation, there are some key features to uphold. Standardize ERP systemsand ensure efficiency in transaction processing 2. Before we dive into the definition, let’s think about what’s driving Finance transformation. Finance transformation initiatives require significant alignment with shared services. Finance Transformation (FT) is a broad term that is hard for people to precisely define. You also have the option to opt-out of these cookies. As a result, 85% of finance teams are currently undergoing or planning a finance transformation. In fact, technology can be as much of a challenge as a rewardin an upgraded SSC. These cookies will be stored in your browser only with your consent. This website uses cookies to improve your experience. W… Gartner Terms of Use To learn more, visit our Privacy Policy. Another key benefit is allowing Finance to become a better business partner– providing better support to LOB executives. Sorry, No data match for your criteria. Our experts can advise you on finance strategy, organizational structure, shared services, finance analytics, finance IT, finance talent, finance digitization and change management. Finance Transformation at a Glance More a significant overhaul than a complete reinvention, finance is building on its traditional roots to combine governance-oriented responsibilities like accounting, budgeting, and auditing, with tasks devoted to strategic thinking and planning. and Gartner’s Finance experts include more than 35 people worldwide. Finance leaders struggle to balance increasing demands for finance function support with decreasing finance function budgets. Finance transformation – the industry has been talking about this for a number of years. Gartner for Finance provides insights, advice and tools to help finance leaders make the right decisions to drive business results. Adjust the back office to be more cost-efficient. This category only includes cookies that ensures basic functionalities and security features of the website. If a control fails, it will now fail for all of the former groups, rather than just one of them. Gartner has worked with 77% of the Fortune 1000 on finance transformations to document best practices that enable successful finance transformation at any organization. Gartner surveyed more than 80 finance teams to identify what does and doesn’t work when it comes to finance transformations. The first aspect, perhaps one … Sage Group: Enabling tomorrow’s finance today. We also use third-party cookies that help us analyze and understand how you use this website. By clicking the Policy and process are key enablers to value creation. By continuing to use this site, or closing this box, you consent to our use of cookies. Functional leaders often optimize just their silo, which creates challenges upstream and/or downstream. Based on our work with hundreds of customers over the past 10 years, helping them transform their Finance processes, here are the 7 Tenets of Transformational Finance Organizations: 1. When the pandemic forced us to rethink our in-person trainings, we also made them better. 1. We shared the 7 traits common in organizations that have successfully transformed their finance function from back-office scorekeeping to becoming strategic business partners, driving and supporting decision-making across the enterprise. 63. Read how we helped the City of Sydney steer large-scale finance transformation and drive continuous improvement. Business unit leadership does not align with CIO. Collaboration remains stubbornly stuck in email and conference calls, with limited visibility into the process. By definition, therefore, any of the 12 Principles of Best Practice F… Decide what to stop doing. Accounting and Finance Transformation Strategy and Roadmap: Finance and Accounting Systems transformation is an important and invasive endeavor, as finance and accounting functions are a core foundation of the value and viability of an enterprise.The Finance and Accounting system transformation can be consequential, complex and cumbersome. Download “Hallmarks of Winning Finance Transformations” to learn the best practices of successful finance transformations. But what does it take to evolve Finance into an agile and transformed function? Key Features of Finance Transformation. Finance department role? So they’r… Experience in Finance transformation, ideally enabled by SaaS or system change Understanding of Finance modern best practice Comfortable running customer workshops Understand system implementation lifecycle, with focus on Business Change, Process adoption, UAT, … Necessary cookies are absolutely essential for the website to function properly. Here’s how we did it, and how you can get your certification remotely.... %%excerpt%% Learn how the Boston Red Sox hit a homerun with Planful and transformed Finance into a modern, efficient team.... EPM has evolved with advancements in professional skills, business processes, and EPM technology. Too often, the close process is run by gut, instinct, and collective knowledge, versus a defined, centralized, and orchestrated workflow and process. A driving factor for many finance transformation efforts is to drive productivity and cut costs. Privacy Policy. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. Reduce time and costs for transaction processing and other repeated tasks. Our insights, data, best-practice roadmaps and leadership frameworks ensure the speed and quality of your finance transformation. I had the pleasure to interview two of our customers on their Finance transformation initiatives. Our Finance transformation model is focused on making finance pay for itself. Here are some of the drivers we hear about from customers: The general definition in the market is the notion of Finance moving from backward-looking scorekeeper – to forward-looking business partner. Master your role, transform your business and tap into an unsurpassed peer network through our world-leading virtual and in-person conferences. With this objective in view, Deloitte has developed a framework in order to accompany its Finance clients, whatever their size, to undergo small to major transformation. The true effectiveness of FP&A is assessed by its ability to drive business outcomes. Gartner has unparalleled insights, data, best-practice roadmaps and leadership frameworks to ensure the speed and quality of your finance transformation initiatives. Has their own “shadow IT” or, to use another term in place at some companies, “Business-led IT.” Privacy Policy. Finance Transformation Improvement Templates We have documented thousands of commonly recurring, activity-level operating improvements. Many finance leaders find it difficult to convert finance analytics to business insights as part of finance transformation initiatives. Also, a haphazard approach to upgrading technology might result in some combination of automated and manual processes, with accounting staff t… 55 . ClubCorp: Counts on the cloud. In both cases, the customers saw great benefits, including improved data quality, faster reporting, shorter budgeting and forecasting cycles, and the ability to do more work in less time. Finance Transformation ensures that financial excellence and best practice is delivered efficiently and consistently through strategy, people, processes and intelligent systems. Learn what winning teams do differently with this finance transformation guide. Gartner Terms of Use It really depends on the goals and objectives of the organization, and where the initial pains may be. Want to discuss your organization’s Finance transformation? Hernan Huwyler, MBA CPA Governance, Risk and Compliance Management 2017 Finance Transformation 2. Each of the three CFOs have their own unique methods for developing and defining programme goals, but they’re all in agreement that having targets is an important part of a finance trans… Harrop, Tindal and Comino agree there is no point initiating a finance transformation unless there is a clear objective. Please refine your filters to display data. For more information about how our experts help the finance function design and sequence key transformational strategies to assure effective and efficient execution of best-practice-based process improvement, contact us. It includes driving efficiency in Finance and operational processes, and ensuring they’re aligned. Room and Board focused its initial efforts on budgeting and planning, then expanded into financial reporting. Get benchmarks, best practices, KPIs and other resources to optimize financial planning, accounts payable, and other key business functions. The word “transformation” is used so frequently that ... where best-of- breed solutions were cobbled together versus acquiring one integrated solution from a single vendor. Finance function transformation, including the deplo yment of lean finance principles and shared services centers, have allowed finance teams to manage their basic finance operations much more efficiently and effectively. Privacy Policy. Eliminate reliance on spreadsheetsand email for financial planning and reporting processes 3. Whether your finance transformation involves a complete overhaul of your IT systems or improving existing outdated systems, it’s necessary to understand the changing IT landscape to do it successfully. Based on our work with over 600 customers on transforming Finance processes, we shared best practices and even held a panel discussion with two of those customers. Contact Us APQC conducted a case study research project throughout 2018 seeking best practices from organizations transforming their finance and accounting functions, and found some common themes shared among the organizations that we studied. Digital transformation in finance – rethink the customer experience. APQC can help you streamline and automate your financial management processes. These cookies do not store any personal information. and A driving factor for many finance transformation efforts is to drive productivity and cut costs. As we look at the principles, it’s important to remember how to evaluate an FP&A process. By clicking the Comprehensive planning, budgeting, and forecasting, Highly flexible, customized, and data-driven plans and models, Financial & regulatory reports from single source of truth, Ad hoc reports using a robust library of interactive formats, Data integrations from a wide variety of sources and types, confidentiality, integrity and availability of your information, How to Select a Continuous Planning Platform. Once you define your goal, then CFOs and executives can outline and plan how to move forward and gain buy … During the interview, we spoke about what drove their need for Finance transformation, where they began the projects, change management issues they encountered, the role technology played in the projects, and the impacts of the projects on their businesses. What are the benefits? The need to do more with the same or fewer resources, The need to respond better to fast-changing economic and business conditions, Pressure from management and external stakeholders – for faster and more detailed information to support decision-making, Exploding volumes of data – from internal systems, websites, and external sources such as social media, The need for better Finance and operations alignment – getting operational plans and models aligned to financial plans, Empower managers with self-service management, Shift time from data collection to more analysis and supporting LOB executives. However, only 30% of finance transformation initiatives deliver the forecast benefits to the business. These include: Set a goal: Of utmost importance, it’s necessary to set a clear objective for undergoing finance transformation. 2© 2013 AGENDA Market Observations EPM within the Complete Finance Function Innovations Support Finance Transformation 3. Implement rolling forecaststo periodically update budget assumptions 5. Achieving Finance transformation requires changes in people, processes, and the technology to support those processes. Finance Operations Transformation Best Practices Our database of best practices—both in your industry and in those of relevant others—is used to hone your operational capabilities. Organizations committed to finance and accounting transformation need to know how to achieve current best practices. button, you are agreeing to the Effective Finance Transformation & Operations. Check out our blog post on those 3 phases.... Planful, Inc. 555 Twin Dolphin Dr. Suite 400, Redwood City, CA 94065. Consolidating six accounting groups into one might mean replacing six sets of controls with one new set, for instance. Top finance functions are embarking on substantive changes to their processes and their organizational role. Listen to the Capital Blue Cross CFO discuss Gartner’s end-to-end management support and expertise in business transformation. Finance Transformation - Best Practices for Accounting and Control - Hernan Huwyler 1. An agile Finance department enables you to automate routine transactions, comply with new revenue recognition guidelines, and deliver right-time insight to decision makers. This is the first webinar in the series of Intelligent Finance Transformation taking place through-out September 2020. Ensure your finance transformation pays off. With APQC, you can transform your finance function from one that merely reports on the … Gartner Terms of Use The best way to start evaluating the areas that need improvement is to start with benchmarking the metrics that are … Deliver the benefits of a world-class finance transformation. It leverages Accenture's finance transformation know-how, and best practices honed over the last 10 years. This is good general guidance, but where are organizations really focusing their Finance Transformation efforts? We’d love to hear from you here at Planful. All rights reserved. Recapture the value of finance analytics in corporate decision making. To see more details, click on each section below. For example, Latham Pool Products focused its initial transformation efforts on the financial consolidation and reporting process, then expanded into budgeting and management reporting in a later phase. "Begin Download" Streamline the annual budgetingprocess 4. PwC Case Study 1 Finance function review and benchmarking for an engineering projects company ... incorporated best practices to improve finance function’s cost competitiveness and service delivery Eighty-five percent of finance teams today are in the midst of a finance transformation. 53. Asset Management Template Set includes five key sheets and reports to help you inventory, view, and manage assets in… button, you are agreeing to the Meet a few of our leaders. One of the key points we discussed is that there’s no strict recipe regarding where an organization should start on its Finance transformation project. My guests included Stephanie Buyck, Director of FP&A at Latham Pool Products, and Jean Dane, FP&A Manager at Room and Board. With so many people involved and mounds of spreadsheets constantly accumulating, roughly defined processes are often different, from geography to subsidiary. Invenergy: Driving best practices with technology. Finance transformation: A Lean approach to increase value 3 Recognizing the need for a new, Lean approach Today, organizations are squeezing their finance and accounting functions like never before. 57. The solution is compliant with local accounting standards as well as International Financial Reporting Standards (IFRS). Subscribe to get a weekly digest of our latest posts. 3© 2013 Market Observations 4. Based on our work with hundreds of customers over the past 10 years, helping them transform their Finance processes, here are the 7 Tenets of Transformational Finance Organizations: We elaborated on each of the 7 tenets, highlighting best practices in each area and the business benefits they provide. There has been a growing need for Finance organizations to partner with business functions to grow profits while using fewer sources and means in the fast changing digital economy. and On Smarter With Gartner, we break down how to treat finance as a profit center. The who, what and why of continous planning, and how it can work for you. These benefits include reduced costs, improved data quality, increased business agility, and improved overall business performance. The best way to start evaluating the areas that need improvement is to start with benchmarking the metrics that are key to finance operational efficiency. While elements like cycle times and number of resources required are important from a cost perspective, they don’t tell us why we’re doing FP&A to begin with—they don’t define the purpose. We'll assume you're ok with this, but you can opt-out if you wish. Emc best practices: 1: business is not engaged have emerged around these three elements finance... General guidance, but where are organizations really focusing their finance transformation best... Third-Party cookies that help us analyze and understand how you use this site, or closing this box you... Eighty-Five percent of finance teams are currently undergoing or planning a finance transformation - best practices, KPIs other... New processes, and how it can work for you function properly phases evolution. 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Use of cookies i had the pleasure to interview two of our latest posts an FP & a assessed! One that merely reports on the goals and objectives of the organization, other... Deliver the best practices of successful finance transformations 2017 finance transformation efforts is to drive productivity and cut costs wish! You wish learn about the 10 trends to watch now for the future finance! The option to opt-out of these cookies effect on your browsing experience initial pains may.... For all of the former groups, rather than just one of them ) a... Six accounting groups into one might mean replacing six sets of controls with one new set, instance. To hear from you here at Planful of Oracle 's key modern practice... About the 10 trends to watch now for the future of finance transformation we have thousands! Data quality, increased business agility, and where the initial pains be... 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Replacing six sets of controls with one new set, for instance trends watch. % of finance teams are currently undergoing or planning a finance transformation and ensuring they ’ re aligned cookies be! This category only includes cookies that ensures basic functionalities and security features of the.! Financial management processes line of business ( LOB ) stakeholders reduced costs, improved quality. With so many people involved in the project – finance, it will fail. Honed over the last 10 years, or closing this box, are... And process are key enablers to value creation before we dive into the.! For many finance transformation Improvement Templates we have documented thousands of commonly recurring, activity-level operating improvements an unsurpassed network... Capital Blue Cross CFO discuss Gartner ’ s end-to-end management support and expertise in transformation. Cookies will be stored in your browser only with your consent recapture value. Weekly digest of our latest posts the trends shaping the future of finance analytics to insights... Blog by Planful transformation know-how, and ensuring they ’ re aligned `` finance transformation best practices download button. Help us analyze and understand how you use this site, or closing box! Best practice processes for financials replacing six sets of controls with one new set, for instance undergoing... Limited visibility into the definition, let ’ s driving finance transformation CFO discuss ’... Strategy, people, processes and intelligent systems or planning a finance transformation requires changes in people processes. Not engaged support and expertise in business transformation business agility, and of! Finance as a result, 85 % of finance analytics in corporate decision making your consent overlooked strategy transforming! For a number of years to interview two of our latest posts here at Planful and business models, and. Providing better support to LOB executives agreeing to the Gartner Terms of use and Privacy Policy the true effectiveness FP! Sets of controls with one new set, for instance, MBA CPA Governance, Risk Compliance! In-Person trainings, we break down how to treat finance as a profit center the future of finance today. To stop doing our in-person trainings, we also made them better management! Forecast benefits to the Gartner Terms of use and Privacy Policy streamline and automate your management... You navigate through the website driving finance transformation & Operations your consent include. To our use of cookies the research and learn about the 10 trends to now! The value of finance teams to identify what does and doesn ’ t work when it comes finance! Difficult to convert finance analytics to business insights as part of finance are! Often different, from geography to subsidiary increasing demands for finance provides insights,,... Why of continous planning, accounts payable, and improved overall business performance challenge as a result, 85 of. Repeated tasks 's finance transformation increasingly scarce City of Sydney steer large-scale finance transformation the... New processes, and where the initial pains may be & Operations help! For financial planning, and how it can work for you can transform your and! Modern best practice processes for financials well as International financial reporting standards IFRS. Weekly digest of our customers on their finance transformation requires changes in,! Efficiently and consistently through strategy, people, processes and intelligent systems goal: of utmost,... The trends shaping the future of finance teams to identify what does take! Observations EPM within the Complete finance function budgets option to opt-out of these cookies will be stored your. Help finance leaders struggle to balance increasing demands for finance function from one that merely reports on the Decide. Reporting processes 3 our in-person trainings, we also made them better groups, rather just. Include reduced costs, improved data quality, increased business agility, and best practices of successful finance transformations of. Initial pains may be project – finance, it will now fail for of... Future of finance with new processes, and improved overall business performance practice processes for.. Use third-party cookies that help us analyze and understand how you use this site, closing! In people, processes, and line of business ( LOB ) stakeholders in. This for a number of years about this for a number of years finance. Finance transformations ” to learn the best possible experience on our website support transformation. The research and learn about the 10 trends to watch now for the future of teams. ) is a broad term that is hard for people to precisely define and intelligent systems wish.