The most important reason to choose finance transformation is to support the business. Aligning with the long-term organizational strategy and expectations of stakeholders is a key factor for delivering successful finance transformation. It is a significant shift in the finance department’s functions to make substantial improvements in existing performance by providing services that are better suited to the current and future needs.
Transformation of finance helps to better adapt to rapidly changing business and economic situations by avoiding pressure from management and external factors. It assists businesses with more rapid and precise information for decision-making, often by integrating and analyzing volumes of data from internal systems, as well as other sources.
Finance transformation provides better service to the business, by enabling the finance function to change the focus from merely providing numbers to providing insights; and in turn, generate cost savings, or improve the way the finance function works with clearly defined processes, reduced rework as well as better financial alignment and operational coordination.
Overall, financial transformation translates that the finance function moves from the support function to the role of a prospective business partner. The transformation of finance is a complex and time-consuming process that necessitates changes in people, processes, and technology.