Financial transformation - which steps should you follow?
At the moment, many companies are already in the middle of major financial transformation projects or are on the verge of starting them. Their scope and complexity indicate that the sustainability of the performance management model, the value flows and hence the future information needs of management should also be taken into account. This is the only way to ensure that the transformation generates not just a new, faster “engine”, but also a state of the art “navigation system”. After all, modernizing the systems and reworking the processes offers the opportunity to embed existing, complex accounting requirements in an appropriate way.
Effective performance management requires a reliable planning process, good time management, as well as exact feedback on the current project status. That’s how undesirable developments can be identified and corrected on time. However, this is not possible through using an up-to-date IT solution only. Organization, processes and data model must be integrated with the IT solution in accordance with the technical and the performance management requirements.
The following five steps have become the proven approach for our projects and form the foundation for long-term project success:
Step 1: Business model and performance management approach
Step 2: Object and level of ambition
Step 3: Functional concept
Step 4: Target architecture and process design
Step 5: Change management