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Finance Transformation
India perspective
CFOs are increasingly facing dilemmas. On the one hand, the Finance department is migrating towards an efficient organization for daily transaction processing and regular reporting. On the other hand, it is continuously changing to ensure the organization can respond with agility to the customer needs.
Based on Deloitte’s research and discussions with many CFOs and other CXOs, we believe that the “Four Faces of the CFO”, enabled by the “Wheel of Finance” is a critical framework for understanding and resolving much of the turmoil that has buffeted CFOs and their Finance organizations.
Four Faces of Finance – Wheel of Finance
Four Faces
Today’s CFOs are expected to play four diverse and challenging roles. The two traditional roles are steward, preserving the assets of the organization by minimizing risk and getting the books right, and operator, running a tight finance operation that is efficient and effective. It’s increasingly important for CFOs to be strategists, helping to shape overall strategy and direction, and catalysts, instilling a financial approach and mindset throughout the organization to help other parts of the business perform better. These varied roles make a CFO’s job more complex than ever.
As a Catalyst, CFOs can stimulate and drive the timely execution of change in the finance function or enterprise. CFOs can selectively drive business improvement initiatives that add value.
As a Strategist, CFOs take a strategy planning table and help influence the future direction. They are vital in providing Financial leadership, aligning business and finance strategy to grow the busines.
As a Steward of corporate value, CFOs work to protect vital assets of the company, ensure compliance with financial regulators, close books correctly, and communicate value and risk issues to investors and the board.
As an Operator of the finance function, CFOs have to operate an efficient and effective finance organization, providing a variety of services to the business such as FP&A, treasury and tax.
At Deloitte, we help CFOs and finance executives assess and balance their priorities and address the complex challenges related to growth, profitability and risk. We are a team of multi-disciplinary experts from Consulting, Risk, Technology, Human Capital, Audit, Financial Advisory and Tax, leveraging professional and sector-specific knowledge around the finance function, as well as extensive experience with ERP, Analytics, Change Management, Lean and Six Sigma.
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Why Deloitte?
- Deloitte’s Finance Transformation practice has been identified as the leader in Finance Management and Transformation by Kennedy and Gartner.
- Underpinning our approach are the methods, tools and accelerators developed, tested and proven in hundreds of Finance Transformation projects globally. Our Finance Transformation specialists are experts in using these tools to bring practical workable examples from other engagements and illustrations of leading practices and standard ways of working.
- We know how and where to leverage expertise in Technology, Human Capital, Risk, Tax, Audit and Finance Advisory services. Our approach to market is an Integrated Market offering (IMO) and we believe that is the only way to deliver tangible and long lasting impact that truly matters to our clients.