4 Reasons Finance Execs Should be Transformation Ninjas
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Digital Transformation and Digital Disruption are on every C-level wish list. The CFO is a untapped resource in this fight -- and should help lead it.
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4 Reasons Finance Execs Should be Transformation Ninjas
- 1. WHY FINANCE EXECS SHOULD BE TRANSFORMATION NINJAS JOHN MANCINI, CHIEF EVANGELIST, AIIM IT'S TIME FOR FINANCE TO BE MORE THAN NUMBER COUNTING.
- 2. NEARLY 3 IN 4 ORGANIZATIONS HAVE AN ACTIVE FINANCIAL PROCESS TRANSFORMATION PROJECT UNDERWAY. AMERICAN PRODUCTIVITY AND QUALITY CENTER
- 3. BUT PER ERNST & YOUNG, ONLY 49% OF CFOS BELIEVE THAT THEY HAVE A MAJOR CONTRIBUTION TO MAKE AS ORGANIZATIONS MAKE THE SHIFT TO DIGITAL.
- 5. 4 REASONS
- 6. #1 - THE WIDE VARIATION IN THE EFFECTIVENESS IN FINANCIAL PROCESSES PROVIDES A RICH OPPORTUNITY FOR COST SAVINGS. Until recently, the cost of software to manage accounting documents and automate how they are processed was beyond the reach of all but the largest organizations. They no longer are, but there remain large variations in adoption, which translate into significant differences in the underlying cost structure of managing accounting documents. Source: APQC, Blueprint for Success and Sustainable Process Transformation in Finance and Accounting Top performers Bottom performers $5.00 per invoice $12.50 per invoice 46,667invoice line items per FTE 181avg. items in chart of accounts 21,232invoice line items per FTE 727avg. items in chart of accounts
- 7. #2 - MOST ORGANIZATIONS ARE REACHING THE CONCLUSION THAT OFFSHORING HELPS – BUT DOES NOT RESOLVE – THE FUNDAMENTAL COST DISADVANTAGE CREATED BY MANUAL PROCESSES.
- 8. #3 - MANUAL FINANCIAL PROCESSES AND INFORMATION... MOST COMPANIES ARE LOSING AS MUCH AS 1% OF SALES DUE TO POOR PLANNING AND DECISION MAKING. WHY? BUSINESS DECISION MAKERS MISINTERPRET OR DISCARD FINANCIAL ANALYSIS. ...ULTIMATELY HAVE A NEGATIVE IMPACT ON OTHER CORE PROCESSES. SOURCE: APQC
- 9. #4 - GUARANTEEING THE SECURITY AND PRIVACY OF INFORMATION AND THE AUDITABILITY OF FINANCIAL PROCESSES IS AN INCREASINGLY IMPORTANT ROLE FOR THE CFO.
- 10. CONCLUSION: CEOS ARE DEMANDING THAT THEIR CFOS TAKE A LEADERSHIP ROLE IN TECHNOLOGY STRATEGY AND DIGITAL TRANSFORMATION.
- 11. FIND OUT MORE - GET YOUR FREE E-BOOK HTTP://INFO.AIIM.ORG/4-FACTS-SAVVY-CFOS-MUST-KNOW- ABOUT-BUSINESS-PROCESS-TRANSFORMATION