3 tips for a solid digital transformation foundation
There are usually common symptoms underlying a need for digital finance transformation. To name a few: Burnt out teams, a heavy reliance on manual tasks, and time-consuming processes that impede your time-to-close and insight into your data. This realization is often the first step of true digital transformation—understanding where the opportunities for improvement lie.
But what does successful process transformation look like? We define it as sustainable, positive change. It doesn’t have to be a huge, ground-breaking leap—and it doesn’t have to be a complete overhaul of your systems. Even a move out of Excel can do wonders for your ability to perform calculations in a controlled and sustainable way. Of course, no matter the size of your investment, there’s usually apprehension around change and how well-prepared you are before you make the leap. It all boils down to your foundation—and here’s how to get it right:
1. Create a solid footing
If you’ve got your sights set on expansion, you can’t neglect your foundation. Know what you’re working with before you build—then, you can define the transformation agenda, the timeline you’re working towards, and ensure all key stakeholders are involved early and aware of what’s changing.
2. Keep it simple
While it’s important to have a solid foundation in place, there’s no need to overcomplicate. Transformation is a long journey with multiple stakeholders involved—but perfection is overrated. As long as you’ve got the building blocks in place, you’ll be able to learn, pivot, and grow from where you start. And when you do incorporate the tool of your choice, the most important thing is having an adaptable team that can work together to solve any challenges that arise.
3. Understand your end goals
Change will impact multiple people across your organization. Get everyone on the same page—and understand what their cruxes are, where they spend the most time, and the biggest contributor of success for their job function. You don’t want to bite off more than you can chew, so the goal is uncovering the areas you’ll see the most value and starting from there. The rest can follow.
But even before you’ve got a foundation in place, how do you know when you’re ready? The answer is simple: it’s all in your mindset. Recognizing processes could be better and the willingness to improve is the first step on the journey. And having the right partner in place can help, too—a team that can walk side-by-side with you as you make the digital leap. Want to know what that can look like? Let’s talk.