Like most business transformations, those originating in finance require a detailed road map that allows executives to successfully organize, monitor, and manage the varied integrated objectives that will ultimately measure the success of the transformation.
Moreover, being correctly positioned to respond to today's market cycles is absolutely critical. Below are some characteristics and approaches that the best road maps today incorporate to help finance executives stay on the path and respond to market cycles.
IMPORTANT KEYS TO DEVELOPING YOUR ROAD MAP
COMMON PITFALLS
The following are examples of the most common mistakes that need to be avoided to successfully manage finance transformation change:
Often, these combine to result in a higher cost structure than the organization experienced prior to downsizing.
SETTING THE COURSE FOR MANAGED CHANGE
Finance initiatives touch all parts of the organization. While there is no “guarantee” of success in managing your finance transformation initiatives, the most successful firms have adopted similar approaches and methodologies while avoiding the common pitfalls discussed above.
Now watch Doug Harvey discuss [1] how to create a successful transformation road map.
Links:
[1] http://businessfinancemag.com/video/avoiding-finance-transformation-pitfalls-0505