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VIEW POINT VIEW POINT

Transforming the Finance Function Secret to a successful transformation (*) -

1. Vision and clear aspiration: It gives people a compelling ‘anchor point’ for working towards that vision.
ransformation has become the buzz word across the globe, industries and even within DD. While most
Torganisations have begun their ‘transformation’ journeys, however many are yet to fully understand what that 2. Program alignment and support: Finance transformation needs to align with the overall strategy of the organisation and the
implies and are exploring their options. DD’s own rapid transformation has ensured that it is, and will remain expectations of the key stakeholders, but with a warning that says, “if you don’t get that sorted out up front, you’re on a path to
ahead of its counterparts in the coming future. In this article, I will touch upon what ‘transformation’ means for failure.”
the Finance function (Accounts/Finance/Treasury/Commercial/Tax/Logistics).
3. Strong change management: This is essential because these programs have large impact on finance and the wider business.
What is Transformation?
4. Take an operational view: Clarity about the future operating model is crucial.
Phil Howman, CA says “A finance transformation is a fundamental change in how the finance function
operates to achieve greater improvement in the current performance by delivering services that meet the 5. Great people: As quoted, ‘A Successful change doesn’t happen without great people,’ and that includes people working
needs of the business." In other words, Finance transformation is increasing productivity and efficiency directly on the project and those in the leadership team.
to become a true business partner in line with the overall organisational strategy and objectives. Any 6. Get things in the right order: This means looking at data, technology, processes and people and identifying what
transformation is a tough journey, as change always draws resistance and those who don’t adapt to it, needs to be worked on first.
perish. Though difficult, it can be managed if done in a systematic and methodical manner.
7. Measure progress: In the age of KPIs, measurement is everything in business and it is no different for a finance
What does Finance transformation really involve and what does it need? transformation either.

1. Goal setting: It is critical to clearly define along and also chart out the route and approach that An ongoing journey
needs to be adopted to achieve them.
Transformation is a journey that never actually ends, for it is a continuous process and there is always room for
2. Overall alignment with the organisation: Since the Finance function touches upon every aspect improvement. The only difference is that, we shift to continuous improvement mode from the transformation mode.
of an organisation, its transformation must be broad based to cover the entire organisation. It is also important to keep looking at why we initiated the transformation program in the first place and what we finance transformation
wanted to achieve from it. This helps in recalibrating the function to achieve greater success.
A program needs to align both
Kapil Garg 3. Time: Change always needs time. It is essential to consider the overall approach required to with the overall strategy of the
align people, processes and all stakeholders (both internal and external) to ensure a sucessful
Chief Finance Officer, Dimension Data transformation. *Reference from Acuity, December 2016 edition. organisation and the expectations

of the key stakeholders, but with a
4. Piecemeal: It is always easier to break a large task into smaller chunks and then work with it. Driving
transformation is one such large project that needs to be done part by part to ensure sucess. It also provides the warning that, “if you don’t get that
time required to accept the change that transformation brings. sorted out up front, you’re on a path
to failure. - Tindal

*Confidential: For internal circulation only OZONE | ISSUE IV | PAGE 4 *Confidential: For internal circulation only OZONE | ISSUE IV | PAGE 5