Application Of Agile Change Management In Finance Transformation

As more companies tackle transformation, finance organizations, as scorekeepers, need to make sure they stay ahead of the change curve. The use of data and technology is often the first way finance looks to add strategic value to the company, but the key to success may actually lie in how effective finance leaders are at selling the change to the people doing that work.

To be clear, we’re not talking about incremental change, such as the automation of manual processes. Rather, we’re talking about transformative changes requiring a fundamental shift in the way people work, who they work with, and how they think about their work and the contributed value. In finance, such changes might include the replacement of high-volume, repetitive tasks with more strategic, data-driven decision-making, risk management and predictive analysis.

Take balance sheet reconciliations, for example. True transformation might include the use of automation to prioritize risks in specific material accounts and improve data quality, flow, benchmarking and visualization. In such an environment, a key enabler of change is the learning and development required to ensure that people are not only developing the skills they need to perform the new processes but are also empowered with the mindset to embrace the new working philosophy.

In this sense, change management is people management, and as such, it is likely to be met with a certain amount of resistance – it’s just human nature. This resistance can be overcome, but it requires careful planning.

There are 5 major enabler of transformative change in finance function including Mindset, People, Processes, Data and Systems / technology.

Let’s explore how agile change management approach can help in orchestrating successful finance transformation.

  • Create Cause & Purpose

In order to create lasting change in the future, employees need to understand why it is essential to change now. Begin your approach by defining what is causing this change and what the purpose is behind it. This underlying purpose will be a pillar of your agile change management strategy, so it must be something that you sincerely believe in, to then motivate others to work towards this goal at an individual level.

In Finance Transformation, the primary objective is to create value for the business by making the overall organization more efficient, better informed and more strategic.

Therefore, finance teams working in different dimensions of the finance function should be provided with clear purpose of transformation in order to improve operational efficiencies (in P2P, O2C, General Ledger Accounting), improving record to report cycle by making it more agile and real time, leveraging analytics and generating insights for the business functions to enable them make better business decisions, as well as influencing the strategic decisions and improving the overall performance (top line and bottom line) of the organization.

It’s also crucial to reach a common understanding between all parties involved in the change process including team members from Accounting, Treasury, FP&A, Reporting, Tax etc.

Agile change should be posed as a necessity, or else your finance organization may never fully achieve other critical changes in the future. Bridging this gap will help every team member understand that each one of their efforts will help the finance organization move from the as-is state to the to-be state- that is to add value to business by transforming overall finance function from the cost center to value center.

  • Maintain Meaningful Dialogue

Agile Change Management is all about people, and it’s been proven that 70% of communications happen verbally in an average organization. These two facts should have already given you a good idea on why Meaningful Dialogue is so important for a change to be effective.

Collecting Insights is the first step of the journey when driving change with an Agile mindset, and what better way to do it than talking. Simple as that; these conversations, brainstorming sessions and interviews with finance team members from each sections of the finance (Accounting, GL, Treasury, FP&A, Reporting, Strategic Finance etc.) will allow you to gather the most valuable information to begin your change process, so identifying the right people to go to is a crucial activity at this early stage. The information you get is just as good as the resources you involve.

It is also very important here to initiate dialogues with stakeholders outside the finance functions including sales, marketing, business development, HR, IT, Operations etc. As the ultimate aim is to create value for the entire business, therefore it is very important to take on board non-finance business teams as well in order to understand their key business priorities and areas of strategic focus as the aim is to enable them make better business decisions and improve the performance of the organization.

This will also be helpful in gaining initial buy-in from all stakeholders.

  • Promote Experimentation

Experimentation is nothing without a good environment to carry it out. The Agile Mindset provokes change; change that comes from experiments. To realize all the benefits of empiricism, the mindset change needs to be encouraged from the high levels of the hierarchy in the organization. A free thinking, highly creative, hyper collaborative, open way of work needs to enable collaborators to feel safe to try, fail and learn fast, so the continuous improvement promoted by Agile is achieved. So, in a nutshell, think about what your to-be state is, what you think should be the outcome, how long it should take you to get there and how much planning is really necessary. With this in mind, experiment, measure and repeat as many times as you need it.

Mindset is one of the major enabler of transformative change in the finance function. Therefore, team members in different sections of the finance function should be encouraged to bring innovative and new ideas within open work environment and start with small experiments keeping in view the objective of transformative change in their respective section. For instance, analytics can be tested in both AP & AR in order to generate hidden insights which can be used to improve cash conversion cycle as proof of concept and let AP/AR team to involve in such POC in order to share their insights and feedback by looking at the simple AP/AR process from different value adding view point.

Same experiments can be done in different areas of finance including reporting factory where finance team members can experiment on transforming data into insights rather than just information and test it with non-finance business function ensuring it enables them to take better business decision keeping in view their key business priorities and leading to improvement in top line growth.

Lastly, experimentation will also help to raise early warning signals and reduce significantly the risk of failure of entire transformation projects causing organizations loss of millions of dollars.

  • Co-Create Always

Creating a sense of ownership on your workforce will facilitate your daily tasks as a change manager. When people relate to what they do and feel the purpose as their own, is much simpler to keep a motivated, efficient, and happy work environment. For this reason, involving key players in the creation of the change challenge is vital toward potential success. This practice also reduces resistance within the organization and allows your leadership teams to speak the same language as their collaborators.

Therefore, it is important to involve all finance team members from different sections of the finance in orchestrating finance transformation, for example team members from the Accounting team should also be involved in improvement initiatives within FP&A or reporting section because transforming systems / processes within FP&A are done in integration and synchronization with accounting systems and processes and lack of ownership on one side or the other can cause friction.

  • Respond To Change

As your agile change management process moves forward, you should measure its performance along the way. Nothing is written in stone. If there is an aspect of your strategy that isn’t working, experiments will make it visible.

This way, if there are proactive adjustments or refinements to be made, you can easily see where they should be implemented. Plus, if you are continuously tracking the progress of your strategy, you can gather your data for monthly or quarterly reporting to share with your finance team. That will give everyone an opportunity to look at the insights you’ve uncovered and use that as motivation to keep the momentum going. And remember, responding to change rather than managing resistance (when possible), is the way to go.

Final Thoughts

Agile change management is a healthy, necessary process for your finance organization to undergo. Remember that co-creation promotes employee engagement and commitment, feedback is golden, experiments are your best friends, and change is what drives improvement and success. Your collaborators should always come first, and remaining adaptable is the motto. Once you and your finance team are ready to take the leap, you’ll be able to accept change and adapt with ease for years to come.

Author : Muhammad Zeeshan Taqi
Reference Used: Software One

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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4 Mindsets To Embrace As A Finance Business Partner

Accountants and Finance professionals have always been perceived as more analytical minded professionals as oppose to more strategic minded professional.

In order to transform yourself into world class strategic finance leader, playing the role of Finance Business Partners or Strategic CFOs, you need to first start by broadening your mindset by incorporating balanced mix of all of these 4 types of mindsets into yourself, as well as getting inside the mind of your various business partners who have one of these different mindsets, in order to collaborate effectively and build strong working relationships.

If you are communicating with someone and understanding which one of these 4 mindsets they have, then you will be able to better speak the language they are comfortable with.

By speaking their language, you are letting your personal brand shine through the way that resonates with them, by expressing yourself in a way that feels comfortable for them.

So, let’s explore each of these mindsets that people gravitate towards and the language to use when dealing with people with these mindsets as a finance business partner.

1). Analytical

Analytical minded person sticks with the facts, use logic, provide data & insights, like numbers and get to the point quickly. Professionals falls into this category are mostly accountants & finance professionals, data scientists, data analyst, statisticians etc.

Language to use: Stick with the facts, use logic, provide data, get to the point quickly…

2). Imaginative

People with this mindset are more holistic, intuitive, innovative, conceptual, visionary, creative and big picture oriented. These are mostly entrepreneurs, CEOs and other C-level executives.

Language to use: Focus on vision, strategy, themes, big concepts.

3). Interpersonal

People with interpersonal mindset are empathetic, supportive, expressive and inclusive. These are the mindsets of people work mostly in HR, Sales/Marketing functions etc. who deals with people.

Language to use: Focus on teamwork, culture, values and empathy.

4). Sequential

The sequential minded people are organized, structured, process oriented & detailed oriented. They are the people mostly found in operations or logistics etc. who like to see things run effectively and efficiently.

Language to use: Stay organized, provide details, timelines, processes etc.

Well, it’s important to note that no one is just one of these mindsets and we don’t intend to keep people in just one mindset, usually people incorporates 2 or 3 of these mindsets, but generally we gravitate to one of them based on its significance as explained above.

Mindset is one of the major enabler of transformation (either finance transformation or digital business transformation) and plays crucial role in success or failure of these transformation projects.

Therefore, being a strategic finance leader, we need to broaden our mindset beyond analytical mindset and also need to understand and embrace these different mindsets in order to communicate and collaborate effectively with different business partners by understanding them better and let our authentic personal brand as a Finance Business Partner shine through.

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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Thrive Finance Transformation

CFOs / Finance leaders increasingly find themselves in the thick of transformation efforts, whether they involve overhauling the finance function, reshaping the business model, or reimagining other functions. In the process, they are expected to elevate the performance of their organization and ensure there is strong leadership and a financial backbone to support and sustain the efforts, sometimes for years.

In finance transformations, CFOs are typically the sponsor and leader. But finance chiefs also are being asked to play a significant role in transformations that aren’t purely finance-related—as sponsor, enabler, or co-leader—especially as their companies embrace digital and business model transformation. These areas may lie outside of many CFOs’ comfort zones. But today they are expected to elevate their roles as Strategists and Catalysts in order to deliver more impactful change and stronger Performance at the corporate level.

However, according to various surveys, more than 70% of the finance transformation efforts are unable to bring forecast benefits to the business and the cost creep back to the business partners, making them unsatisfied.

Therefore, we need some universal guiding principles which can be applied in order to orchestrate successful and legitimate business transformation projects, not only finance transformation.

By working on various transformation projects, HOFT is delighted to present its six guiding principle in the form of an acronym THRIVE that can be used to really thrive your business and digital finance transformation efforts.

Let’s explore each of these six principles.

1. Transformation

Firstly, it is really important to understand the difference between change and the transformation. Change fixes the past whereas transformation creates the new future and adds new value to the business. Many finance organizations are in the delusion of transformation whereas they only undertake some changes by focusing on improving efficiencies and doing things faster, cheaper and better. If you implement RPA to automate your core accounting processes in order to save some cost without re-allocating your resources to high value adding activities, you are just going through a change, it’s not transformation.
Transformation efforts are not expected to be an incremental change to performance or procedures-a transformation must be ‘revolutionary,’ not evolutionary. and it must bring a company to a fundamentally different place—often a step function change. Otherwise, you’re just putting new paint on the walls, and it’s going to peel in six months.”

2. Holistic

While planning finance transformation, it is really important to take a very holistic view of the entire finance organization (including all 3 dimensions- functional finance, external finance & strategic finance) as well as the overall business model of the organization and how finance transformation project can help to innovate and adds new value to the business model.

There is a tendency to orchestrate transformation in functional finance or external finance (automating routine / repetitive tasks) and expecting results that are more aligned with strategic finance generating insights and foresights for the business.

Therefore, It’s important to be able to take the strategic vision and set milestones to guide and measure progress from the beginning point to where we want to be, looking three to five years ahead. Having those target milestones helps to know whether we’re on the right path versus just having a vision so that we can be agile in adjusting while keeping the end goal in sight.
The ultimate aim of finance transformation should be to make organization more informed, efficient and strategic.

3. Response

Transformation should have a very strategic response to organization’s external offerings and internal capabilities. Before hiring a technology firm / consultant or a solution provider for digital transformation project, it is really important to formulate internally transformation vision, mission and strategy using SWOT/PESTLE analysis and then look for technology and solutions which can fit into your transformation vision, as the purpose of tech firms is to just sell their solutions to clients and compel them to align their business processes and systems to those solutions.

4. Innovation

Finance digital transformation can only add true value to the business when we make innovative use of digital technologies. For instance, If analytics are deployed only to analyze financial data, it cannot generate and uncover hidden business insights and build holistic business stories until and unless we integrate financial data with non-financial data using correlation, regression, clustering, simulation etc.. then it can be used to determine the financial ramifications of various operational and strategic decisions.

New growth comes from new (innovative) ways of thinking, not just from new technology.

5. Value

Transformation is all about value creation, not only in the finance function but also for the entire business, that’s why we have Holistic principle above.

Finance plays direct and indirect role in value creation.

Direct value creation is through the finance value chain where finance adds value via accounting, treasury, finance and other core activities for example by streamlining P2P, OTC, O2C and budgeting / forecasting / cash flow management.

Indirect value creation is where finance adds value using company value chain, its operating model, strategy, resource allocation, launching of new products, entering into new markets, R&D projects and conducting simulation and scenario planning for various strategic initiates and projects.

Therefore, finance transformation efforts should focus both on enhancing finance function capabilities in terms of direct as well as indirect value creation, for example RPA can be implemented to automate core accounting processes to free up resources for high-value adding activities and analytics can be leveraged to generate business insights influencing operational and strategic decision making.

6. Enterprise

Enterprise is made up of Mindset, People, Processes & Systems (Technology), either it’s a finance enterprise or business enterprise.

Therefore, in order to plan and orchestrate successful finance transformation, it is really important to consider all these enablers of transformation, as one of the biggest reason of failure of business transformation projects is the excessive focus on systems / technologies and taking other enables for granted.

It is very important to first align the mindset of top leadership team with finance leadership as well as with the mindset of finance staff working on the ground, taking buy-in with effective change management process is crucial.

Then, it’s also important to take into consideration existing competencies and skills set of people in the finance function and identity and fill any skills gap to successfully orchestrate finance transformation project as well as operational capabilities required post-transformation. For instance, finance team should be well trained in business partnering, tech savvy and understand how to leverage analytics.

Then, re-engineering of core accounting and business processes is really important to successfully implement new technologies, with good data governance, infrastructure etc..

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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Integrated Business Performance Reporting Model In FP&A

If we talk about current state of many industries post-Covid, there is unprecedented turbulence & disruption, massive shift in consumer behavior, supply chain shocks and competition with intense focus on sustainability as more and more businesses are looking for sustainable business growth, competitive advantage and profitability.

Therefore, FP&As / Finance functions is required to play more business centric role at the forefront by acting as strategic business partner, but unfortunately, still many finance functions are working on legacy systems in silos where decision making processes are often disconnected with information silos, multiple versions of truth, excel plastering, email proliferation, people misalignment, process fragmentation, low data reliability and therefore Strategy, finance and operations are disconnected.

Therefore, it is really important for finance to develop integrated business planning and integrated business approach including integrated reporting with driver based budgeting and forecasting in order to build holistic business stories by acting in an agile fashion,

It was our pleasure to present below integrated model of integrating finance with operations and strategy during session 4 of Financial Reporting Transformation Program organized and produced by Hub Of Finance Transformation.

Starting point is to understand the vision and mission of the organization, then its strategic objectives and identifying key value drivers to drive overall business performance in alignment with SO, and then translating such value drivers into driver based financial planning and forecasting and using integrated KPIs to measure overall business performance.

Lastly, we need a very sophisticated platform to integrate all financial and non-financial data from multiple sources as unified source of truth and then leveraging analytics and visualization tools to build integrated dashboards.

 

Will shed some light on systems part in upcoming weeks post.

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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How to Become Strategic & Innovative Finance Professional

Do you get it? Are you strategic? How often have you overheard a group talking about a finance professional & saying, “She/he just doesn’t get it”? Do they say that about you?

Well, accounting & finance professionals have always been perceived as less strategic & less innovative

So, let’s focus this week on how to build your strategic thinking & innovation skills.

Ability to think strategically & innovatively is essential for every individual for his/her career success (as it can help them differentiate from the crowd) as well as it can add tremendous amount of value to the organization.

These are the 3 disciplines of strategic thinking you can develop. Acumen, Allocation & Action.

1 Acumen– It’s all about generating key business insights. One of the interesting paradoxes of strategy is that in order to elevate one’s thinking to see “the big picture,” one must first dive below the surface of the issues to uncover insight. A strategic insight is a new idea that combines two or more pieces of information to affect the overall success of the business and lead to competitive advantage. Question to ask is “What is the key insight driving this initiative, project or activity?”

2 Allocation- Once the insights have been generated through the Acumen discipline, one has the key ingredient in making resource allocation decisions. The definition of strategy begins with “The intelligent allocation of limited resources…”. Resource allocation is at the core of strategy & the key role of finance leaders. Discussions of strategy boil down to how to allocate limited resources to maximize business potential. Question to ask is “What trade-offs will I make to focus resources?”

3. Action- It’s often assumed that once a sound strategy has been formulated, the execution of that strategy will take care of itself. Research seems to indicate otherwise. A survey of more than 400 companies showed 49 percent of business leaders report a gap between their organization’s ability to articulate a strategic vision & their effectiveness in executing that vision. The effective action or execution of strategy involves the discipline to focus on the important issues, not the urgent ones filling up our email Inbox. Question to ask Is What actions can I take to achieve advantage?

Following are the 3 key skills you need to build & hone in order to enhance your innovator’s DNA to act more strategically:

1, Courage to innovate- Successful innovators consistently show the courage to Innovate, which means they challenge the status quo, take smart risks to make change happen & feel confident in their
creative capacity.

2, Discovery Skills- These skills refer to the set of skills that contribute to one’s ability to generate novel insights that result in new products, processes, or business models.

3, Delivery Skills- These skills refer to the important set of skills that contribute to one’s ability to execute on a business plan, thereby delivering impressive financial results.

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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10 things to keep in place before starting Finance transformation Project

Finance transformation (FT) is a process that can bring real value to your business by making it more efficient, informed and strategic, but it requires time, resources & commitment.

1. Gain Buy In (Align Mindsets) – Ensure your thinking behind FT aligns with the strategic business vision. FT doesn’t work in isolation. You need to take into confidence all the key stakeholders by explaining why of FT and how it can add true value to the overall business with its ROI. Ensure to communicate all the project requirements including time, resources, budgets etc. to the senior leadership team. Also ensure that the mindset of your finance staff is aligned with the mindset of senior leadership team.

2. People & Skills Review- A crucial aspect of finance transformation is people. Be ready to find skills gaps & to take advantage of your team’s specialisms with a curated review process that reflects your company goals and project goals.

3. Support & Change Management – FT requires support from non-finance business functions in the form of support networks in order to help your finance department & rest of the company embrace new ways of doing things in order to avoid slipping back into old habits and culture.

4. Systems & Tools – Objectively reviewing your tools & software will be vital for finance transformation. You need to fully document what your finance function needs, what tools you currently have & what they are used for and how you can leverage digital technologies.

5. Collaboration With The IT Department-Discuss the internal technical requirements ahead of time. Do more than just keep IT informed – collaborate with them. You you must ensure your business’ IT architecture is ready for change.

6. Project Management- Decide who will be leading the project & who else will be heavily involved. Is there anything that will delay the project. Ideally, there should be cross-functional teams in order to ensure FT project bring forecast benefits to all the stakeholders, not just finance.

7. Assess Structural Changes In Finance & Prepare Its Requirements – If you are planning to re-structure finance organization with different options like shared-services, outsourcing, centers of excellence etc. then ensure to keep all vendors in loop from the start of the project.

8. Data Governance- Ensure availability of data, its accuracy, completeness & manage its velocity, variety & volume.

9. Collaborate With HR Function – Your people & skills may need adjusting as a result of the finance transformation project. Make sure HR is informed of your upcoming project and how this is likely to impact your hiring process & ideal future candidates

10. Establish Benchmarks & Baselines- You need to ensure you can prove ROI at the end to demonstrate the real value to both senior leadership & other stakeholders. You need to determine what metrics will you use to measure project success & how you will measure its progress.

Start your finance transformation journey now

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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How Finance Function Fuels Company Growth

How do you know if your current Finance structure and capabilities are sufficient, or if it’s time to upgrade or make a change to your talent?

Following tips describe how people, processes and systems in finance can cause fuel when it comes to company’s growth.

1. Key Metrics, Data & Insights – Finance should not report just data and information to management & business partners. Finance should turn data into actionable insights and foresights by leveraging analytics to answer what’s going to happen and how can we make it happen in the form of actionable, integrated and future oriented KPIs (ensuring maximum forecast accuracy).

2. Leadership Team Meetings – Finance should provide all the relevant information to the business lines before the meetings, so the time spend during the meeting is to distill insights into actionable intelligence. It’s not possible for finance to generate insights by sitting in the finance or accessing the ERP, it should be discussed with the business partners in these meetings and then leverage analytics to generate insights as mentioned in point no.1.

3. M&A Deals – If company is opting for inorganic growth via mergers & acquisitions, finance leader should ensure that (apart from financial plan) there is a playbook with a plan to integrate teams, systems, culture etc.. in order to avoid any frictions & ensuring how you are going to unlock the value. Usually, accounting & finance teams are less involved as dealmakers don’t want finance slowing down the process, adding due diligence & potentially kiboshing the opportunity,

4. Systems & Processes – Some companies need small army to reconcile between business systems, ERP & excel reports and tremendous time is spent on these low value activities, causing errors as well and leaving less or no time for finance to contribute in high value activities. Companies having modern finance stack with business intelligence and advanced analytics enables them to grow their revenue say 115% while growing their headcount in Finance by just say 15%. Their business leaders can look at data visualizations and variances themselves in real-time. Their ERP has machine-learning capabilities which allows us to reforecast in a matter of minutes, which is something that used to take weeks in the past.

5. Fundraising – With lack of rock solid financials, it’s extremely painful for management to tell the story, as it takes a significant amount of management time and took people away from the day-to-day to get the data, build the deck and tell the story with the CEO. Solid financials makes your fundraising process much more painless and can actually impact your valuation because it gives potential buyers incredible confidence.

6. Finance Team Development – Most important strategic assets of any organization is people and same applies to finance organizations. Learning & development programme to upgrade the skills of finance teams is necessary to support overall business growth.

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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8 Key Operating Principles For Strategic Finance Leaders / Finance Business Partners

Following are the 8 key operating principles for Strategic Finance Professionals including Finance Business Partners / FP&A Business Partners/Strategic CFOs to implement :

1. Never say no without giving options- Never reject any proposal of your business partners without having some conversation with them, Understand the business result they are trying to achieve and work with them on developing options.

2. Think in terms of the business- Don’t give them accounting reasons behind expenses or revenue variation that you made accruals or deferred income etc.. Give the business reason behind everything. Look behind the numbers to articulate the story of what happened, where & why did it happened and then what’s going to happen next and how can we make it happen.
Focus on both the traditional side of the business and new growth / innovation side of the business.

3. Integrated Business Approach- Best way to develop this approach is to keep open communication within finance function as well as with other business functions so that everyone is aware of what other functions are thinking and their impact on others. Create culture of open communication and deliver integrated reports rather than traditional financial reports.

4. Early warning signals- Never give them surprises and always try to anticipate risks and opportunities in advance by communicating and discussing all symptoms of potential risk and opportunities upfront.

5. Alignment with business- While transforming finance function to play more business centric role, always align with the business leaders on the sources of value creation for the future, then work backward to redesign finance function around them

6. Build new & deeper specializations in finance – rotate resources within the finance function to different business units & functions and work on different cross-functional projects to get deep dive understanding of different aspects of business and what are the key sources of value creation in the business

7. Focus more on value creation- Don’t just focus on the tangible assets and short-term profit maximization, rather focus on intangible assets like customer relationships, corporate brand, culture, leadership, employees relationships etc. in order to ensure long term value creation for the business for all key stakeholders not just shareholders

8. Right Investment in technology- While making investment decisions in emerging tech, always first think of the potential problems and challenges in your organization & its business & then work with their vendors to customize such technology to solve them, don’t just take ready made technologies and re-design your business according to them.

Author : Muhammad Zeeshan Taqi

If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link

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PERSONAL & PUBLIC LEADERSHIP DEVELOPMENT

Seven Shifts Towards The Mastery Of Great Leadership

https://www.youtube.com/watch?v=PERMC_dbUKU&t=353s

Awaken The Leader Within You

https://www.youtube.com/watch?v=ROzEQZ7HXUM&t=472s

Inspired Approaches To Leadership Thinking & Practice

https://www.youtube.com/watch?v=5rzMybMv2PQ&t=986s

Communication & Story Telling

https://www.youtube.com/watch?v=U61OBfjrZj0&t=1196s

Wellness 360 For Finance Professionals

https://www.youtube.com/watch?v=KZNx8yp0uvk&t=250s

Champion Yourself, Combat The COVID-19 Recession and Optimize Your Career Management Now!

https://www.youtube.com/watch?v=wYI5pq3Bt38&t=250s

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