Reviewing the Nine Steps to Finance Transformation
AUTHOR: JENNIFER LOUGHRIDGE
PRINCIPAL CONSULTANT
Jennifer is a Senior Executive Finance professional with 22+ years of global experience. She specialises in Finance Transformation, ESG and Continuous Improvement, with particular expertise in Strategy, Performance Management, Business Partnering, Commercial Decision-Making, Corporate Governance and Valuation.
Over the last months, our highly experienced team at Loughridge Transformations has been meticulously crafting a series of blog posts on our nine-step method for Finance Transformation. This method, developed through years of experience in one of the world’s most sizeable finance transformation programmes in a top-five FTSE100 environment, is now ready to be shared. Its versatility allows it to be effective in small- to large-scale organisations.
Sometimes, though, going it alone is easier said than done, especially if you are busy getting things done and ensuring that each month- and quarter-end are appropriately completed. If that is the situation, it makes sense to work with some external expertise like Loughridge Transformations. The return on investment for a well-designed and executed Finance Transformation is compelling.
Finance Transformation – One Size Fits All?
Before delving into the nine steps, it’s important to note that the Loughridge Transformations method is not a rigid framework. It’s designed to be both scalable and modular, adapting to the unique scope of the transformation your organisation wants to undertake. Whether your needs call for a comprehensive overhaul or just a few strategic adjustments, our method can be tailored to fit. It is both adaptable and flexible.
Similarly, the scope may focus on a particular element, depending on the trigger and aspirations for pursuing Finance Transformation. For example, following an external auditor’s report, your organisation needs to focus on some problematic controls. Alternatively, your organisation may be considering outsourcing or offshoring parts of processes. 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 can support you on any or all of the steps.
Last but certainly not least, Loughridge Transformations specialises in understanding the client and delivering a bespoke product that genuinely fits the client’s needs. So, however, few or however many elements of Finance Transformation are sought after, whether the client is looking for part-time, full-time or an entire team of resources, we work with the client to ensure they get what they need in the way they need it. From individual introductory workshops to guidance and execution throughout the whole transformation, Loughridge Transformations is on hand.
Finance Transformation: “The Nine Steps”
Once you have roughly sized the scope – or, at a minimum, decided upon the triggers and aspirations for the Finance Transformation you want to undertake, it is time to look at the nine steps:
Finance Transformation: The LT Models
In our nine steps method, we introduce several models we use when working with clients. Of course, we cannot take credit for every single one of them! However, most of the tools are ones we have designed ourselves based on our experience and expertise. Send us an e-mail or schedule some time with us if you want to learn more about our tools.
Find Out More About Working with Loughridge Transformations
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