A technology roadmap that includes well-defined opportunities and implementation timelines sets the finance function up to deliver new capabilities to drive efficiency and effective decision making. Follow this five-step process to create the finance function technology roadmap:
Step 1: Prepare to build the roadmap
Lay the groundwork for the roadmap by documenting the key participants from finance, IT and procurement and by creating a finance technology roadmap “tiger team.” This team documents the project’s objectives and expected outcomes and how they align with the goals of both the finance function and the broader organization. The team also inventories the existing technology capabilities and maps them to key finance processes to define the current state of finance digitalization in the organization.
Step 2: Identify opportunities
Using the technology capabilities inventory, the tiger team assesses the effectiveness of the organization’s current finance technology capabilities to identify systems in need of upgrading, as well as capability gaps the organization needs to fill. The tiger team also looks externally at the market for finance technology to identify emerging capabilities in which finance should consider investing. With that information in hand, the team engages the finance function and IT leadership to create a full technology opportunities list informed by functional needs and in-house IT priorities.
Step 3: Select technologies for investment
The full list of finance function technology opportunities will be longer than the organization can pursue at one time. In this step, the tiger team evaluates and prioritizes finance technology opportunities using a standardized set of value criteria, success factors, risks and inhibitors to calculate their relative business value. Then the team can use Gartner BuySmart™ to validate the prioritized list against external market parameters and best practices.