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Catherine Drysdale FCA is a Consultant with Barden’s Technology Practice, and was recently invited to speak at the ‘Lets Talk’ event hosted by DCU. The topic of the event was ‘Navigating Finance Transformation With AI’ with a focus on ‘Factors For Success’. Here in the second blog of a 3 part series, Catherine shares her insights from the event and variables that impact transformation…
A crucial element of any transformation program involves assessing the variables inherent to your business and understanding how they might influence the transformation objectives. These include:
Complexity of the business / product offerings – Do you provide standardised or tailored solutions for your customers? Customisation can sometimes necessitate more intricate financial systems and processes, potentially leading to increased solution costs. If customisation is necessary, how can future business seamlessly integrate with the existing solution?
Early or late adopter – Prioritising the implementation of streamlined and integrated finance processes alongside robust data early in a business’s lifecycle will enable the finance function to effectively sustain the business’s continued growth. Neglecting this may lead to the necessity of a more intricate and expensive solution as the business matures, potentially impeding the function’s capacity to meet the demands of scaling operations.
Capital available – The availability of capital significantly influences finance transformation projects, as it determines the scope, scale, and pace of implementation. Organisations with greater financial resources may be able to pursue more ambitious projects, such as comprehensive ERP system upgrades or large-scale process reengineering efforts.
Resourcing – Getting the balance right between utilisation of internal and external resources is crucial. Internal resources are pivotal for executing the transformation strategy, while external resources such as consultants, technology providers, and industry partners can contribute specialised knowledge and tools to accelerate the process. Striking a balance between both types of resources can significantly improve the efficiency and effectiveness of finance transformation initiatives.
External Factors – including markets, competitors and global events impacting your industry / business and the wider economy.
Link to part 1 of the blog series… Look out for part 3 of the series coming next week.