Accelytics’ leadership, including CEO, Ash Jain, VP of Finance Practice, Mike Newberry, and Director, Steven Gnatovich, host a virtual roundtable to discuss current financial topics and challenges in the market. In this discussion, our financial experts dive into the challenges companies face when embarking on a financial transformation journey.
With digital finance transformation being a key strategy in many organizations, why are so many organizations struggling in today’s new age?
There are a bevy of challenges when it comes to transformation, many of which are specific to the organization. In general, the common challenges a financial organization faces boils down to change tolerance, organizational capability evaluation and paradigm of speed.
We all know change is hard. What we see over and over again is a protective change tolerance. Members of the finance team are protective over their set of processes or business tasks and they are hesitant to change what they’re comfortable executing.
When the business needs the team to work significant hours to be able to help them run the business, or be able to close the books or report on the business, it gives the team members the feeling of a secure position. If there’s a technology that eliminates a core function of their job, it can lead to fear and hesitation across the finance team.
Company and Capability Evaluation
An organizational evaluation is a key part in determining your transformation needs and goals. Many organizations want to move their culture of finance to be a true business partner, that runs itself, but if there hasn't been an evaluation, do they have the tools and resources to do that?
Organizations must ask themselves: are we really prepared to handle the disruption of change? What are our capabilities? Do they have the resources to do that? Are their resources prepared? Are they properly trained to do the job that your organization is now expecting?
By assessing your organization's maturity and capabilities up front will set up your project and technology roadmap for success.
Paradigm of Speed
Speed is required for agile change within financial organization’s in today’s digital times. Without the speed, it just won’t work. When you're choosing technology products to enable the transformation, that selection, and how they fit together, is so important. The technology needs to be implemented fast and without down-time from the users.
Overcoming These 3 Challenges
With a proper assessment and analysis of your organization, you can eliminate many of the challenges companies face embarking on this digital finance transformation journey. The CFO also needs to lead and guide the team in adopting new technologies. A fast moving transition will be a key differentiator between technology selection as well.
If you're looking to begin your Digital Transformation Journey, email us at firstname.lastname@example.org.