Fi­nance trans­for­ma­ti­on

Why this matters

Finance departments have been undergoing significant changes in recent years: stricter statutory regulations, faster structural changes in organisations and increasing capital market pressures are just some of the recent developments putting CFOs under pressure to change.

Challenges

Introducing changes to the finance department aimed at boosting its efficiency and effectiveness presents challenges. Such measures include optimising cost structures, i.e. cutting costs while improving data quality and at the same time reducing the amount of time required. The growing entrepreneurial responsibility of CFOs as well as the controlling function’s expanded business partner role highlight this: for CFOs, tomorrow’s roles will be different from today’s. Finance transformation is a term used to describe the transition to this new role, which encompasses a diverse range of tasks.

Key questions

The key questions include:

  • What is the new vision for CFOs?
  • How is the new role for CFOs defined and what does it imply for the roles of the other CXOs?
  • Which finance functions can be standardised, and by how much?
  • Which parts of the finance function will be provided in a centralised vs a decentralised fashion?
  • How will the new vision and the new roles be communicated to the organisation?
  • How will financial and management tools have to be adjusted?
  • What does the new role mean for finance personnel recruiting?
  • How can HR development be aligned with the new role?
  • How will incentive systems have to be modified to ensure CFOs and their staff commit to the new roles?

The broad spectrum of questions which need to be addressed in the context of finance transformation shows that this is a long-term change process, not a short-term project initiative. In addition, the answers depend to a large degree on the company's specific finance model. Unconditional backing from the CEO and CFO is key, as is the early involvement of operational units and targeted communication.

Our offering

CTcon will assist you in designing and implementing an integrated, holistic and methodologically-driven finance transformation process customised to your organisation’s specific needs. Thanks to its long track record working with the CFOs of multinational companies, CTcon has the required consulting expertise to offer reliable, cost-effective solutions allowing CFOs to face their considerable challenges with equanimity.

Your contact person

Axel Neumann-Giesen
Partner | Bonn | Germany
Get in touch

Request an obligation-free proposal

You know what you want. We know how to do it. Send us your request for an obligation-free proposal.

Privacy |Imprint |