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Is your company undergoing finance transformation?

If yes, what are the elements of your transformation and the envisioned end-state? If no, WHY NOT?


Shawn DeBoer
Title: Business Technology and Planning Directo..
Company: American Family Insurance
(Business Technology and Planning Director, American Family Insurance) |

We're in the early planning and inception phase of what we're calling a finance transformation. (background: US-based insurance industry, we've made two acquisitions in the past 3 years and have yet to rationalize the finance function - so, we have 3 separate, distinct finance organizations w/ no systems, process or data integration. Well, other than email and XLS file exchanges!)

Our core focus area for our transformation are:
1. Technology Strategy
2. Strategic Planning and Execution
3. Forecasting, Analysis, and Data Management
4. Financial Accounting and Management Reporting
5. Talent Development Model
6. Finance Brand and Community Building

Desired end-state in a nutshell: single technology platform across the enterprise, common/standardized processes, possible shared services for transactions processing/financial operations.

Paul Vandenberg
Title: Business Development
Company: Incubator Finance
(Business Development, Incubator Finance) |

The other considerations are Organizational Change Management and the broader opportunity of Business Transformation for the rest of the enterprise:
- Is Organizational Change Management a separate focus area or incorporated in your list as an element of each of your six core focus areas
- Is there a broader Business Transformation plan that runs parallel or picks up from your End-State (perhaps better termed Future State)? The point being that at each phase of improved financial visibility and control resulting from the Financial Transformation there are opportunities for the rest of the business to execute, monitor and control new business transformation initiatives.
- If so the Finance Transformation needs to include Business Transformation as an initiative that is resourced with the right FP&A and Operations talent to support the rest of the business

Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

This is going to be a very different (maybe controversial) insight.......

There should be NO end state! It should be CONTINUOUS improvement and change! When you have an end state it is a PROJECT. When there is no end state, it becomes CULTURE. When there is an end state, the "plans" becomes more susceptible to rigidity and unable to change course. This may sound counterintuitive (at least in this context) but an "end state" promotes short termism. When you have an "end state" STOP!

The objectives should be GRANDER and the road to the goal should be littered with WAYPOINTS (I think this is what you mean by "end state"). The finance goals should be in line with company goals, and if they are and there is still an end state. your company goals are not grand enough.

Examine the goals of the Musks, Brins, Zuckerbergs of the world. The goals they have set for their companies are beyond 20-30 years. I call it "THE PURSUIT OF ASPIRATIONS". Now imagine yourself being the CFO to support the pursuit of those "aspirations".


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