The concept of financial transformation is nothing new. The idea is simple: you improve processes so you can deliver cost savings while at the same time provide a higher quality and higher value service to the business. In other words, it’s the age-old requirement of doing more with less.
So if everyone has known this for so long, why is it that so many transformation projects still fail to improve either processes or quality in the way they intend?
According to research featured in CFO.com, the vast majority of companies say they have been engaged in a major finance redesign initiative. However, only around a quarter say they’ve been able to reap the qualitative and quantitative benefits they outlined in their business case. They say they’ve also not been able to maintain a majority of the cost savings for two years post-implementation.
The problem is clearly not in understanding the need. It lies in the execution. In our latest guide –Enabling Financial Transformation Through Technology – this problem is addressed by providing step by step advice on how you can enable more effective and lasting financial transformation through technology.
Specifically, you’ll discover the planning and resources you need to have in place before you get started. This guide also examines the biggest areas you’re going to need to focus on (and ask questions about) to reduce waste and improve efficiencies. In addition, you’ll learn how to evaluate the technology systems you’re going to need and list all the key questions that you should ask of any potential supplier.
Finally, key recommendations are provided on how to handle implementation, and, perhaps most importantly of all, an example of what you can achieve by way of a case study of successful financial transformation at Sanofi.