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.
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.
The key questions include:
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.
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.