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.