Nine Steps to Finance Transformation

These days, every CFO will have Finance Transformation somewhere on their agenda. After all, Finance Transformation is just about ensuring the function is modernised and capable of taking on whatever organisational challenges are ahead. It is done by deciding on the focus and goals and structurally getting after them using smart levers. That is how to be confident you are getting the most from your finance function. 

Benefit from the expertise of Loughridge Transformations, a company that has successfully implemented Finance Transformation in companies and not-for-profits across different sectors. We’ve developed a nine-step guide based on our method, which you can follow. Our method results from many years of experience in one of the world’s largest finance transformation programmes in a top-five FTSE environment, making it applicable to small-to-large scale organisations. Some of our recent clients include:

Sometimes, though, going it alone is easier said than done. Especially if you are busy getting things done and ensuring your team completes each month- and quarter-end. If that is the situation, working with external expertise like Loughridge Transformations makes sense, given that the return on investment for a well-designed and executed Finance Transformation is compelling.

One Size Fits All?

Before discussing the nine steps, it’s important to note that the Loughridge Transformations method is not a ‘one size fits all’ approach. It’s designed to be scalable and modular, allowing you to tailor the transformation to your organisation’s specific needs and scope. Whether you need a comprehensive overhaul or just a few strategic adjustments, our method can be adapted to suit your requirements.

Similarly, the scope may focus on a particular element, depending on the trigger and aspirations for pursuing Finance Transformation. For example, it could be that, following an external auditor’s report, your organisation needs to zoom in on some problematic controls. Alternatively, your organisation may be considering outsourcing or offshoring parts of processes. Or, you might be looking at improving the business-partnering skills of the finance teams. The list could go on and on.

The point is that the method can tackle a small scope or the most complete of scopes. It is also not necessary to tackle everything at once. Loughridge Transformations are available to support you on any or all steps.

At Loughridge Transformations, we specialise in understanding our clients and delivering a bespoke product that truly fits their needs. Whether you’re looking for a few elements of Finance Transformation or a complete overhaul, and whether you need part-time, full-time, or a team of resources, we work with you to ensure you get what you need when you need it. From individual introductory workshops to guidance and execution throughout the entire transformation, Loughridge Transformations is here to support you.

Once you have roughly sized the scope or, at minimum, decided upon the triggers and aspirations for the Finance Transformation you want to undertake, it is time to examine the nine steps.

Finance Transformation: “The Nine Steps”

Loughridge Transformations offers a facilitated standalone workshop introducing and explaining the Nine Steps.

Alternatively, you can walk through yourself:

Interested in More Finance Transformation?

Our next post will focus on the first step—strategy: understanding the business. We will examine the different options, from a light touch to a full-blown strategy evaluation, and explain why this step is crucial for Finance Transformation.

Ready to take the next step in your Finance Transformation journey? Contact us today to speak with one of our expert consultants and discover how we can partner with you for success. Let’s transform your finance function together!

Alternatively, take a look at our most popular blog posts:

Or are you looking for something else? Here’s what we have been blogging about recently:

Agile Analytics Associates Automation Behaviours Building Trust Business-Partnering CFO Remit Change Management Coaching Collaboration Continuous Improvement Control Design Corporate Governance Data Deployment Design Principles Digital ERP ESG Finance Function Finance Transformation Implementation Migration Off-Shoring Organisation Organisation Design Process Process Design Process Governance Process Improvement Process Performance Productivity Project Management Readiness Risk & Controls Skills sponsorship Standard Organisational Model Strategy Systems Systems Design Technology Transformation Virtual Working