Article

Digital Finance  

New challenges, new tools

Make your finance team the business partner at the heart of your organisation

Transforming finance in a digital world

Digital disruption is turning many business functions upside down, and finance is no exception. Finance teams should have their eyes on the future and their feet firmly grounded in supporting the business today.

That’s where Deloitte’s Finance Transformation Services can help.

 

1. How finance earns its stripes: driving profitable growth

Finance teams are traditionally focused on recording the history of the business. However, today we see an increasing demand from the business of finance to grow to a more business partnering role. This means that finance needs to look much more ahead and challenge future business plans and strategies rather than just report financial figures of the past. A good starting point is to put the correct numbers on your current and future business model resulting in scenario-driven profitability insights.

In our view, finance should be at the heart of the business, driving profitable growth.

2. Digital Finance: Technology a key enabler

While expectations from the business towards finance grow, business leaders don't want to see the cost of finance and the number of FTE's involved go through the roof. A key challenge for finance teams is to control the effort needed to register, collect and report data. Ineffective processes have a negative influence on the quality and accuracy of finance outputs and result in time consuming activities such as rework and manual manipulations.

Optimizing the use of technology in key finance processes and leveraging on new digital tools, like process robotics, can help your finance team reach the next level in operational excellence. Analytics and self-service BI-tools can support your Finance department getting new management insights in your data and have a forward-looking view on budgets and business targets.

3. Change while doing

Like in every business transformation, people and change management is key and maybe is as well the hardest hurdle to get over.  As we work mainly for SME's and family businesses, we like to take on this challenge in a pragmatic and hands-on way.

Our team consists of experienced business controllers who can coach your finance team to transform finance processes and actively take up the role of business controller within your business, guiding your team to become that business partner.

4. Some examples

Deloitte Business Control & Technology can help you to transform your finance organization in a project based way. Here are some key examples of what we do

  • Run digital finance discovery workshops to work towards a finance transformation roadmap
  • Deliver management insights in the profitability of customers, sales channels, projects and market segments
  • Evaluate and define the set of management reports used within your organization
  • Increase the efficiency of administration by leveraging technology
  • Seeing is believing: let us show you in a very short timeframe what modern BI tools can do with your data
  • Shorten your closing proces in order to decrease the preparation time and increase the analysis time
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