Transformation is a phrase that has been uttered in many conversations over the past years. Its definition can be confusing. The pace of change for organisations is continuing to accelerate and the forthcoming changes reflect yet more change in the years ahead. How should the finance community play its role in driving towards their organisations of the future? In this suite of content you will find resources to help you answer these questions.
What is transformation
Transformation means many things. Each of us has a slightly different perspective on it. What we can all agree on is that organisations continue to undergo significant change to stay relevant. Being customer centric in strategy and process is a requirement for organisations, not an option.
For finance professionals this changing world may be confusing. Yet they need to play their part. The role of the finance team itself is changing with a greater focus on insight and forward-looking considerations rather than just reporting the events of the past. As a result, they need to ensure that they remain relevant to their stakeholders.
For finance to play an effective role in organisational transformation, it must first have clarity in its own purpose. Only then can it play the role that its stakeholders are calling for in organisational transformation.
Transformation itself can be defined as a movement from an ‘as-is’ to a ‘to-be’ state. Across organisations it has many dimensions.
Finance teams have a role to play in each of these dimensions as explored in the podcasts and in the report. The key to success is organisational culture, having an innovative culture will promote agility in organisations. As super-connectors finance teams need to play their role in driving the necessary behaviours and contributing fully to collaborative teams.
Transformation is transforming
There are drivers that mean that for many organisations transformation requires rapid response and agility.
Organisations can no longer afford to stand still. A failure to adapt means that they may no longer be relevant. Transformation is accelerating and organisational models are more flexible and collaborative.
Key messages for the finance professional
The report has 12 key messages that the finance professional should consider.
The podcasts help you to consider various perspectives on these. The action plan that accompanies the report has suggested steps if you wish to take this topic further.
Organisational transformation is something that finance teams need to embrace; to play a full role in.