Great article from Johannes Vogel on finance transformation. We have summarised the article below, but you can find the full article in Digitalist.
Before planning extensive transformation programs, finance chiefs may be well advised to address some basics within their organisation.
Why “Getting the Basics Right” Is A Good Idea
- Often finance functions have been under-invested – due to other priorities or organizational or cultural reasons.
- They suffer from “Two-speed IT.” Slow, monolithic legacy ERP systems and new applications or solutions – for example, to accommodate new platform-based business models or customer-experience-driven business opportunities.
- They are still struggling in terms of how to effectively run the finance function. Examples are departmental organizational setup and boundaries or excessive focus on bookkeeping accuracy without providing insights from the financials to the business.