Finance Transformation Advisor

What makes a successful
Finance Transformation Advisor?

The Finance Transformation Advisor plays a key role in the modern finance function by breathing new life into outdated financial operations by implementing digital solutions.

Where operations can be optimized with digital tools, it is their role to provide clear digitalization initiatives, inform executives of the benefits, as well as onboard their staff and managers with the tools.

They are the driving force in change management, ensuring that technological investment aligns with the corporate goals that executives set out, as well as evaluating vendors to ensure they get the functionality necessary to optimize operations.

Implementing and evaluating digital solutions successfully is critical for providing resilient operations and ensuring that the finance team can seamlessly adopt the tools with the least amount of disruption.

^{As a Finance Transformation Advisor, you will regularly identify inefficiencies, siloed data and dated software that hinders an organization’s ability to evolve business processes and transform. Thinking back to the last five years, would you say this has got better or worse than five years ago?}^{(Please select one)}

Better
About the same
Worse

The role of Finance Transformation Advisors in digital transformation

It’s clear that the evaluation of digitalization initiatives is key for Finance Transformation Advisors. Executives will rely on them for the necessary research to find the best solution to optimized financial processes.

For example, a recent Gartner survey found that 75% of financial errors can be reduced by digitalization initiatives that focus on training, ease of use, and customization – this demonstrates that correct implementation and vendor choice are vital for transformation advisors.

AI is increasing in use and is proving particularly useful in the financial department, with many organizations automating data consolidation and entry, it may be necessary to adopt these tools to remain competitive.

There are key considerations they need to make to ensure cost efficiency and propriety, but also investing in tools can compete with other organizations:

Cost efficiency analysis – Prioritizing solutions that streamline operations and reduce unnecessary expenditures.
Strategic investment planning – Considering scalability, flexibility, and potential for future integration to maximize returns on investment.
Risk assessment – Evaluating risks associated with implementing new tools and technologies, including cybersecurity threats, compliance issues, and potential disruptions to existing processes.
ROI evaluation – Calculating the potential return on investment for each proposed tool or technology, considering both direct cost savings and potential revenue generation opportunities.
Vendor selection criteria – Establishing clear criteria for evaluating vendors, including their track record, reliability, scalability, and compatibility with existing systems.
Change management strategy – Providing training and support to employees to ensure smooth adoption of new tools and technologies across the organization.