Reviewing the Nine Steps to Finance Transformation

Over the last months, the Loughridge Transformations team has been putting together a series of blog posts on their nine-step method for Finance Transformation. After many years of experience, we developed this method in one of the world’s most sizeable finance transformation programmes in a top-five FTSE100 environment. Moreover, it works 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 reviewing the nine steps, it is worth re-emphasising that the Loughridge Transformations method is both scalable and modular. It very much depends on the scope of the transformation that your organisation wants to undertake. Sometimes the scope will only require the lightest of touches on specific steps – scale up and down as makes sense.

Similarly, the scope may be very focussed 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 or guidance and execution throughout the whole transformation, Loughridge Transformations is on hand. 

Finance Transformation: “The Nine Steps”

Once you have very 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 our 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.

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