What do you do if your corporate finance processes and systems are outdated and inefficient?

Efficiency is doing things right; effectiveness is doing the right things. - Peter Drucker In the fast-paced field of corporate finance, dealing with outdated systems may hinder efficiency and growth. Acknowledging the digital age is now essential. Start conducting a complete audit to find inefficiencies and manual tasks. Explore up-to-date cloud-based ERP solutions which offer automation and real-time data. Prioritise areas like AP automation to help streamline processes. Comprehensive training encourages a smooth execution. Companies can update financial operations by combining a transformative mindset, strategic planning, and an innovative culture, enabling teams to effectively drive business growth.

Welcome to the struggle world! It's true that finance functions often don't get the priority they deserve when it comes to process investments. Finding support for your improvement initiatives can be challenging.(good luck) But remember, it's not just about the tools. Often, the real issues lie in communication or in how existing resources are being used. Focus on understanding these underlying problems as well.

When planning to upgrade your corporate finance systems, it's important to first understand why you're upgrading. If your current EPM tool is a one-size-fits-all platform solution that doesn't meet your specific needs, simply upgrading to a different tool with a similar approach won't solve the problem. Instead, take advantage of the wide range of options available in the market and opt for a solution that can be tailored to your specific needs. When speaking with transformation consultants or technology vendors, be sure to ask for solutions that can serve the new process you have mapped out and planned for. Don't just settle for what they have available – make sure their offerings align with your specific needs and goals.

When selecting tools to modernize your corporate finance processes, it's crucial to consider the rapidly evolving market and technologies. While classic references such as Gartner's Magic Quadrant can provide a good starting point, they may not cover the most innovative tools of the past few years. To stay ahead of the competition, it's essential to explore and consider more recent and cutting-edge solutions, such as FP&A tools with generative AI capabilities. Opting for a more legacy tool may not give you the competitive advantage you need to succeed in today's fast-paced business environment.

Implementation can give a headache! But the result will be rewarding??. For a smooth transition, you should document each step and conduct a sufficient number of test runs. Additionally, thoroughly train the relevant teams to eliminate critical errors.

Implementing changes in corporate finance processes can be a complex task, but careful management can ensure a smooth transition. Firstly, it's crucial to ensure that your team is ready for change. This involves clear communication, training, and support to help them adapt to new processes and tools. Secondly, it's important to choose the right consultancies that fit your organization's needs and culture. They should have a deep understanding of your business and be able to guide you through the implementation process. Lastly, your upgraded tools should be adapted to the change and flexible enough to accommodate any future changes that may occur in your organization.