Finance leaders, how do you know your readiness for finance transformation? What are the key factors to consider when determining the scope and scale of the initiative?

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Community User in Services (non-Government), 1,001 - 5,000 employees
For some context, let's define finance transformation as shifting the focus from more traditional transactional and compliance functions to strategic activities, such as forecasting, risk management, and business analytics. This will likely include adopting new technology, and possibly bringing on new talent.

Broadly, finance transformation is giving finance teams a seat at the table and not simply closing the books and producing financial statements.
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COO in Finance (non-banking), 2 - 10 employees


Thanks for initiating this post.  I am a finance transformation advisor that has been leading large scale implementations for nearly 15 years and I can tell you the industry definition is not a static nor consistently understood one! 

My definition is simple - create a vision for the finance function that complements the company strategy roadmap.  There are some key factors that I consider when leading and/or advising on a major transformation initiative.  However, what is most important here is the intended outcome, which is to enable internal processes to meet the competitive advantages of the finance technology platforms used in-house.  This is what I refer to as "solution enablement".  

Happy to help answer questions in this space that others may have about finance transformation initiatives.  

EVP Finance & CFO in Services (non-Government), 51 - 200 employees
Great question! I think a key factor is taking the time up front to determine what it is you are trying to accomplish and what the long-term vision is. What's working, what is redundant, what's lacking? A very important question to ask is what can we change in order to accomplish the vision? Being willing to think outside the box, be creative, embrace change and ruffle some feathers will be key to the success of your transformation.
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COO in Finance (non-banking), 2 - 10 employees


I think you and I have a very similar starting point for our transformation initiatives - starting with where we are and where we want to go in future state.  This strategic roadmap is critical to getting the transformation off the ground.  I would be interested in learning about your experiences in this space. 

CEO in Finance (non-banking), 2 - 10 employees
You have to start with your baseline assessment on the foundation pillars which are People, Process and Partnership. 
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COO in Finance (non-banking), 2 - 10 employees

Chris, I agree all three need to be looked at, but that is a broad basis to start with.  Any tips you would give on how to carry out this assessment? 

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CTO in Software, 201 - 500 employees
Without a doubt - Technical Debt! It's a ball and chain that creates an ever increasing drag on any organization, stifles innovation, and prevents transformation.
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