What does the transformation of Finance Ops mean?


In a global study covering digital transformation vision, strategy, technology and implementation across enterprises, we asked 550+ leaders in Finance ‘what does digital transformation mean to your organization?’. Our focus was on the digitalization of finance operations:

Over 50% of respondents said digital transformations means sharing more information about how finance works through better websites and portals. Less than half the respondents have revamped their finance processes for cost saving, enhanced efficiency and, improved stakeholder experiences.

However, when we studied the responses of the most successful finance organizations who are less than 6% of the total population, we found them to better understand the definition of digital transformation of human resources from their perspective.

Perceptions of Finance Operations Transformation - All Companies

Finance

Source: Trasers


What is Digital Transformation of Finance?
All Companies v/s Digital Champions

Finance

Source: Trasers

This group believes that Finance must lead all other functions in understanding where the business is and where it is headed. It believes that Finance is now a ‘front-office’ function in order to ensure that transactions handled by front-line functions do not break down due to a lack of integration with financial processes such as pricing, discounts, terms, approvals etc. They understand that this level of agility and responsiveness to ensure that transaction velocity and customer or partner experience is outstanding requires them to reinvent the finance operating value chain. And finally, finance has to influence a new, data-driven culture across management.

quoteThe digital transformation of Finance operations has three dimensions. First, Finance has to digitalize its own business processes to gain speed and efficiency.

Second, it has move from a back-office to a front office posture with real-time integration into all major transactional processes in Marketing, Sales, Service, Manufacturing, Supply Chain and Procurement.

Finally, Finance has to become the chief proponent of a ‘data-driven’ culture by tracking, measuring and communicating performance using the language of KPIs.quote

We will help your Finance value chain evolve into a dynamic, integrated and KPI driven operation


Digital Enterprise Evolution Model™ - Finance Operations

Finance Evolution Curve

Copyright © 2020 Trianz


The name of the game in highly successful, digitalized enterprises is high-velocity, adaptability and becoming predictive. Finance is the arterial system of any organization since each function has to transact with external parties for executing their mission. In digitalized enterprises, high velocity business processes and undisrupted experience to stakeholders such as customers, partners, regulators, leadership and management is critical.

While there are many aspects to think about such as corporate finance, credit, risk management etc. the biggest near term influence in the digital transformation of the enterprise is in accounting and operations. Financial processes have to first integrate in real time and help front line functions become predictive.

These are the core transformation themes in which Trianz partners with clients in the Finance function.


Finance

Focus on Finance Ops Digitalization and Integration

Almost every well-run finance organization already leverages financial systems such as Oracle, SAP, Infor etc. However, there are processes that are highly customized and reside outside these systems and it is critical to digitalize and integrate these with front-line functions.

Finance

Invest in Financial Analytics

Making financial reporting a routine operation, Finance organizations have to evolve immediately to a predictive organization. This can only happen when you have a grip on all your financial data, integrate it and develop ‘what-if’ visualization and analytics capabilities across financial metrics.

Finance

Promote a Predictive, Data-Driven Culture

Our data shows that nearly 40% of businesses will not survive this decade as their products will become irrelevant for customers. Finance must become the nerve centre of enterprise analytics- especially focusing on customers and product/service, geographic, performance in order to help CEOs act in a timely manner.

As businesses invest in digitalization and integrate more and more across functions, financial data becomes more real-time. By deploying an “enterprise digital KPI system”, Finance can also provide objective status updates and ‘what-if’ information on progress, spending and ROI from investments.


Trianz has over 1.5M data points on digital transformation across industries - We bring a
data-driven approach to Finance operations transformation

Trianz has invested in creating Trasers, one of the world’s largest databases on digital transformations with data from over 5,000 plus companies from 20 industries. We have spoken to more than 500 leaders in Finance to understand what transformations truly mean. As such we know where industries and companies within are in the continuum of transformations.

Our Finance Digital Transformation Data

Scope: Finance Current State, Vision, Priorities, Strategy, Investment Models, Technologies, Leadership and Change Management, ROI

  • 619

    Finance Organizations

  • 18

    Industries

  • 6

    Global Regions Covered

  • 4

    Industry Segments -
    Small Businesses, Medium Businesses, Emerging and Large Enterprises

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State of Finance Transformations

Analytics

Across the globe- only 6% of Finance organizations or ‘digital champions’ as we call them, are delivering expected results from their initiatives. Using our Trasers digital transformation database, we bring a data-driven approach which abstracts the status, priorities, strategies, technologies, implementation models.

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Our Finance Ops Transformation Services


Our Finance Operations practice is highly specialized and focused on helping Finance leaders transform their organizations. Our services are as follows.

Finance Digital Benchmarking & Strategy


Journey Mapping & Financial Process Digitalization


  • Quote to Order, Order to Cash, and Record to Report Process Digitalization

  • Non-standard and Custom Process Digitalization in Revenue Recognition, Credit, Risk, Planning and Forecasting

Financial Analytics & Post-digital KPI Frameworks


  • Real-time and Predictive Financial Analytics Across Lines of Business, Products, Services and Cost-centers

  • Design and Deployment of Post-digital KPI Frameworks for the Complete Enterprise

Our Finance Ops Technology Services


Corresponding with above Finance ops transformation consulting and advisory services, Trianz provides technology services in the following areas.

Financial Applications Modernization


  • Finance User Journey Mapping, UX & UI Design for Custom Applications

  • IOS and Android Apps

Finance Applications Integration, Automation & AI


  • Integration of Oracle, Peoplesoft, SAP, Infor Financials with Marketing, Sales, Service, Manufacturing, Procurement and Supply Chain

  • (RPA) & AI

Financial Analytics Implementation


  • Enterprise Financial Data Management, Governance and Dashboards/Visualization on Oracle, SAP HANA, Power BI, Looker, Tableau, Qlik

Cloud Migration of Financial Data & Applications


  • Migration of Finance, Legal, Procurement Applications and Data to AWS, Azure or Google Cloud

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