Key Trends in Finance Transformation
Welcome back from the Bank Holiday and I now have 5 Episodes of the Podcast for you to enjoy on your travels or out for a walk. All 5 of which will help you start your Finance Transformation program with a greater chance of Success.
I am sticking to the 25 minutes as rigidly as ETH is sticking a false 9, possibly one of the dumbest phrases in modern footballs lexicon. As Chelsea hit Wolves for 6 and the Big 3 of Liverpool City and Arsenal march on its all to play for on Sunday as Utd host Liverpool in a 6 pointer.
The Podcast Episodes are all now on Spotify: Spotify Podcast 5 Episodes for your walk
Also on Video for when you are at your desk: Program Assurance Episode 5
My thoughts on Program Assurance I shared yesterday but if you missed them here they are:
A key trend in Finance Transformation over the last 5 years that Michael Ryan has experienced directly is that more and more Clients want Program Assurance. This is a professional second opinion on their Program Strategy, Solution, progress, direction of travel or Finance Transformation Roadmap.
The driver is the increase in the number of Boutique Consultancies and Interim service providers which has led to a massive increase in the number of Business Consultants available to perform Program Assurance on Finance Transformation Programs.
The Professional Services Market has expanded and is no longer the preserve of the Big 4 Consulting Firms. Over the last 5 years Michael has seen 80% of Client requests focus on Program Assurance under one of six service requests including:
1. Review of Feasibility Study / Business Case. Clients want a second opinion on one of three critical decisions:
(A) Target Operating Model proposed be that Global Business Services, Multi functional Shared Services, Captive Shared Services, Offshore, Onshore or Nearshore, Reshoring or BPO.
Listen to the full Podcast Episode here: Spotify Podcast Episode 5
)B) ERP Upgrade
(C) Location Strategy for Finance Target Operating Model
These are all major decisions with far reaching organisational consequences. To review and provide a second opinion usually takes one quarter of the initial investment in creating the original Proposal.
You can view the Video Podcast here: Video Podcast Episode 5
2. Direction of Travel or Finance Transformation Roadmap: These are one day challenger sessions in which the rationale behind your key decisions is challenged and high level alternatives proposed.
3. Stage Gate Review: Typically take 2 to 3 weeks dependant upon size and scope of the business and the program. Providing an external viewpoint and challenge on whether you are ready to advance to the next major Phase of your Program.
4. Readiness Assessment: To take place at least one month before scheduled Go Live at a very minimum.
5. ERP Strategy: This can include any of the following scenarios;
(A) Client has made their decision and want to be reassured they are taking the right route. More common then you would think.
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(B) Client has made decision but knows that an additional piece of software is required to fulfil all of their functional requirements and wants help to source this best of breed add on.
(C) Client has no ERP RFP experience and wants it drafted and the selection process managed
(D) Client requires expertise/external view in order to make its decision when it has already shortlisted to 2
(E) Client requires help to select an SI
6. Finance Business Process Compliance: Beware of Fraud, Fraud and...lost Revenue. On Average 12 weeks to Process Map as per my 7 Step Method, and critically evaluate each Process in particular P2P and O2C.
My 7 Step Guide to Process Analysis can be read here;
For more on Finance Transformation advice you can listen to:
I have created a new LinkedIn Page which will carry most of the Newsletter videos and a new Website. We are at 1,948 Subscribers, so lets hit the 2K and rock on from there.
What a weekend of football, Chelsea hit 6!!! With only a squad of 83 which cost was it ￡3bn...to achieve that's some ￡:Goal Benchmark is all I can say.
Utd, poor, poor away from home for 3 Seasons now, I think a new Manager is needed but we will still beat Liverpool at Old Trafford. Ruud can take over in October. I am at the Spurs game so I am also happy if he takes over for that game. What price a live Podcast broadcast that day...
All the best folks,
Enjoy the Podcast,
Best Regards,