The new year presents an excellent opportunity to capitalize on the benefits of proactively planning your digital financial transformation projects. In many cases, the financial and operational executives in organizations are the leaders of strategic transformation and change management possible within the organization. In preparation for the start of a new year, financial departments also should evaluate their strategic priorities and designate initiatives that will address time-consuming, redundant, and administrative activities.
When it comes to thinking more efficiently, streamlining procedures, and processes, the timing has never been better. The challenges that companies face occur when they prioritize the most urgent demands of the day and put strategy for streamlining activities on the back burner. The fact is that valuable time is squandered performing clerical activities that aren’t required, completing analyses in an ineffective manner, and failing to take advantage of available technology to manage normal routine processes.
Begin by establishing and evaluating short- and long-term objectives for streamlining processes and increasing the productivity and effectiveness of the finance function, respectively. Identify and evaluate the iterative processes that are currently in place and have a detrimental influence on productivity and profitability. Identify key points at which data silos must be dismantled in order to obtain critical information that will assist you in improving performance and making timely business choices.
First, consider the following questions:
- What tactics can be employed to achieve proactive digital transformation planning?
- What steps can be taken to improve the performance of business models and workflows?
Once those questions are answered:
- Review your procedures and systems to discover places where modifications could be made.
- Make a map of the future state procedure.
Alternatively, you could save yourself and your employees the additional burden by bringing in experienced external specialists to assist you in the following areas:
- Conduct an assessment of the present process efficiencies
- Collect information on the influence of production and profitability on the business
- Create future state process maps to aid in decision-making
To achieve efficiency benefits, controls for quickly creating summaries and understanding statuses, as well as best practices for sharing information, it is necessary to examine your best course forward on a frequent basis. Investing time and effort into proactively structuring your procedures for continuous process improvement will pay dividends down the road.If you would like further information about how we can help with your Annual Assessment or Business Strategy, please complete the form below.