Disruptive innovations have become the new norm in today’s workplace. Industries are changing; new markets are emerging; and businesses are scrambling to stay up to date with the progressive technologies popping up on a regular basis. The corporate culture has become a sea of big data and regulatory requirements. If you can’t keep up with it all, you might have to rethink your strategy altogether.
So, who is there for you to turn to – to make sense of it all? Well, it’s becoming more and more evident that the finance leader is responsible for steering the enterprise ship.
Despite the new technologies, analytics and capabilities, the finance function has been not only retaining its original obligations but adding IT components into the function’s arena as well. In order to make that transformation seamless, organizations might want to consider outside solutions such as the Finance Transformation Capability Assessment (FTCA) to sustain efficiency and profitable growth.
What exactly is the FTCA and how can it deliver successful results for businesses? Below are a few highlights from a recent CFO.com whitepaper on the comprehensive service.
Drive Enterprise Agility Through Enterprise Integration
- The FTCA seeks to close the gap between expectations and execution, and overall, improve an organization’s finance performance. The FTCA provides an evaluation on both a personalized and realistic plan to move forward. This diagnostic-based approach considers what is already in place and how it can be improved by calculating key changes and tools for improvement.
Help Businesses Make Better Decisions
- Without the FTCA, inadequate tools and processes inhibit visibility and data quality which can lead to decreased control and increased risk. This hinders the finance function’s ability to develop and act on business insights which can be beneficial to an organization. Although many finance teams may struggle to balance transaction processing and strategic business partnering, the FTCA can be a catalyst in optimizing the finance process.
Drive Enterprise Growth Through A New Discipline of Performance
- The FTCA has the capability to streamline core finance functions and reduce costs in an organization. This is the result of the FTCA’s innovative and forward-looking nature. When a finance team is able to cut costs and react faster to changes and threats, the FTCA has reached its potential of acting as a catalyst for an enterprise transformation.
The improved agility, insight and performance that the FTCA can provide, can help transform the finance function on an enterprise level – leading to enhanced growth for an organization.
What are some other enterprise transformations affecting the finance function? Comment below and let us know!