What’s the Deal with Finance Transformation versus Modernization?

Transformation – it’s a term that has been used for many years to describe any changes being adopted in businesses to make them more effective and efficient.

In the case of finance transformation, it’s often talked about in terms of re-engineering people, processes and systems to reduce costs, reduce cycle time, and make finance more strategic, ‘transforming’ it from a back-office scorekeeper function to a true business partner to the CEO and to the organization.

This topic is so broad, I’ve divided the information into two articles. In this part, I touch on the traits of modern CFOs, then define finance transformation vs modernization and how the two work hand-in-hand.

You can read the full text of this article as published on Business and Finance.

Related Posts

Finance Transformation
The FP&A Role is Changing – What Phase is your Organization in?

EPM has evolved with advancements in professional skills, business processes, and EPM technology. Three distinct phases of evolution have emerged around these three elements. Check out our blog post on those 3 phases...

Read More
Finance Transformation
Why is Finance Now Moving to Cloud-Based EPM?

A survey of senior finance executives shows that 54 percent still use spreadsheets for their BPF, but also shows that more companies will be feeling the pressure to transform their BPF functions to enterprise systems over the next 12 to 18 months to improve performance. Learn more...

Read More
Finance Transformation
Top 2017 Blog Posts for Finance Transformation

Transforming finance to be the true business partner for the organization can be a daunting task – so as you are looking for inspiration to make some changes in 2018 here is a list of Planful' top blog posts on Finance Transformation...

Read More