CFOs know they need to transform the finance function by increasing agility to support the business, embrace continuous change and deliver real-time actionable insights from data.
Many finance teams have pursued transformation by implementing a ‘state of the art’ Enterprise Resource Planning (ERP) solution in the belief that this will deliver a modern, digitally-enabled finance function. Only to be disappointed and frustrated that finance resources remain trapped in low-value add (LVA) work despite technology investments.
However, an ERP implementation is NOT a digital finance transformation.
Without an all-encompassing strategy to transform finance, incorporating change, culture, people, process, data and technology, the implementation results in a shiny, new ‘what we’ve already got’ devoid of business benefits and a demotivated project and change-averse finance team.