Guest Post by Diane Davidson

The future of Finance was already changing from your typical accounting, auditing, and control functions, and that was before the pandemic hit in March.  The mantra of “do more with less” has switched to “do better with less,” which has shifted companies to a lens on cost savings.  As discussed in my first post regarding “What is Finance Transformation?” finance managers are expected to act as future-looking business partners and less point-in-time reporters.  The guidance partner’s role is more critical than ever, with the future holding so much uncertainty and leading to spending freezes.  Many companies have embarked on a finance transformation journey with cost costing as the number one objective.

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Guest Blogger Lights Up Business Agility

Guest Post: Business Software System Efficiencies
by Diane Davidson

Industry experts are predicting that merger and acquisition (M&A) activities will continue to be the option for companies looking to scale their operations, enter new markets, or keep pace with technology-savvy startups. A by-product of M&A actions is stranded assets both at the parent company and the remaining company. These stranded assets are the business systems and technology landscape that was left behind during the divestiture process. The epicenter of those systems is the company’s financials and related data. Duplicate business systems and complex technology landscapes lead to higher IT costs and maintenance. (more…)

Hall in O'Hare Airport

Guest Post: What is Finance Transformation?
by Diane Davidson

Transformation is the new business buzzword that is being used in the market lately. Some would say that purchasing new software or tool is the first step in a finance transformation program. To illustrate this point, a client had a very manual, labor-intensive commissions process. I met with the team leads to gather requirements and their first requirement was to buy a new commissions tool.  The purchase of a new product is a step in the transformation process but should not be the first step. This is fondly known as the “shiny penny syndrome” or when a company chases a new “shiny” opportunity or tool instead of focusing on the core business practices. (more…)