We know from practice that one of the biggest challenges of all CFO’s and one of the complaints top Finance executives complain about is this notion of disjointed processes and integrations. How do they currently deal with this challenge? Through an emphasis on People, Processes, and Technologies.
This popular model is communicated again and again as if all three concerns have equal distinction in solving our day-to-day business challenges. Nothing could be further from the truth. One thing is missing in this model and one thing is being undervalued.
I review a lot of applications and processes with a lot of organizations and I find that they’re constantly looking for new tools to solve their problem when the opportunities within changing processes and/or improving processes are left alone. Finance organizations acquire tools expecting that their processes will improve and that integrations with other systems will inevitably happen.
The most well-meaning organizations embrace the new tools but nearly always with a focus on becoming expert at transactions performed within the tool. They lament that they don’t have time to rework their processes. And so they struggle to find the best practices. But best practices are easy to find. You can do an internet search on any process anywhere and you can find a list of best practices that can be adopted pretty quickly. This provides the foundation to tackle those disjointed processes through integrations. Why is this noteworthy? Because this is where you are going to gain incredible efficiencies. Otherwise, you will continue to live with the loss of your corporate vision and a loss of transaction control.
People, Processes, and Technology is fine but it really undersells what we’re all trying to accomplish. So let’s take this a little further and introduce a model that should be governing your transformation to 2017 and beyond. It’s the model you’ll work through as you embrace any transformative process in the future. It’s a new paradigm that sets processes, technology, and integration, all working together to support the individual.
After all, it’s your most important asset, your people, who have to manage all of these concerns.
Taking it Further: Finance’s EPM Playbook
As 2017 rapidly approaches, the time to act is now if you want to take control of an organization, becoming the strategic leader, disruptor, and business partner that your company needs and deserves. Learn more about how you can transform your business by downloading the Wipfli/Brittenford Whitepaper, Finance’s EPM Playbook: Leveraging World Class Enterprise Performance Management to learn about the demands and next steps.