MorganFranklin Consulting is an international services firm that delivers business consulting and technology solutions to public companies, fast-growing private companies, and government clients.
Finance transformation is a highly complex process that involves countless moving parts—and every organization seems to define and approach it differently. But when it comes to failed transformation efforts, there are some common threads that every company wants to avoid.
- Lack of Executive Sponsorship
A clear tone at the top is imperative when trying to see a transformation effort through to completion. Senior management’s buy-in affirms the transformation’s legitimacy and verifies it is not an uncoordinated, ad hoc initiative.
- High Costs
System redesign and new technology implementation are costly. A detailed business plan will ensure transformation efforts stay within scope and budget. Establishing a clear roadmap will eliminate sticker shock and keep the end goal in sight.
- Lengthy Timelines
Implementing systems, designing new processes, and training employees require significant time. Prioritizing transformation efforts and setting tangible, short-term goals will keep employees motivated and establish check-ins to evaluate progress.
What else made our top eight list? Click here to read more and tell us what you think. Take our survey on what finance transformation means to you. We’ve partnered with FierceMarkets to bring you Facing the Future: 2014 Outlook on Finance Transformation. This annual research effort focuses on revealing trends and perspectives of finance professionals preparing for finance transformation.