Over recent years, the finance function has been attempting to evolve from transactional back-office to a more strategic business partner. The development of shared services has been a key part of that evolution. Yet, our research findings show that the business capability of many finance functions have not completely matured enough to realise the transition and hence fall short of expectations. Also many shared services have fallen short of the initial vision and have stagnated in development and scope. Gradually, businesses have realised the need to have organisation-wide transformation to support the vision; considering governance, finance partners, back office transactional and the relationship with other back office functions.
Our transformation strategy embraces a holistic approach that embodies common factors of people, organisation design and technology. Our understanding of shared services ensure that they are a part of the solution equally considering the other aspects key to successful transformation.
Based on these factors, we work with organisations to develop plans and transformation journeys on three pillars – Business Capability, Finance Capability and Governance across the whole finance organisation.
Designing the finance transformation journey
Using our methodology, we work to improve the business and finance capabilities with an eye to enhance governance systems at the same time.
STAGE 1: FINANCE CAPABILITY
Focus on strengthening processes, information systems, operating model and resources.
STAGE 2: BUSINESS CAPABILITY
Integrating finance as a key member of the business team, supporting decision making, ensuring projects are implemented with the right financial metrics and supporting business strategy.