Finance transformation is one of the terms that has already been driving finance departments for a couple of years. From redesigning the organizational structure (for example establishing shared service centers in nearshore or offshore regions) to optimizing process organizations and right through to major digitization projects, including the implementation of a new ERP system, the meaning of the term finance transformation is different for each company. However, it is always a change in an organization and its finance function processes, mostly driven by the implementation of new IT enablers or a major change in reporting requirements of a company.
1.0 / Challenges
Finance transformation is very often a vision of new finance processes, which, however, can rarely be fully achieved. The expectations of finance transformation are usually much greater and more promising at the beginning - until companies encounter the struggle of implementation. While the major listed companies can afford to allocate resources and plan the transformation for a couple of years, most small and medium enterprises need to allocate resources to projects with a shorter payback/impact time.
2.0 / The Finatycs approach
At Finatycs, we do not view finance transformation as a project with a kickoff and a final project report. We instead consider finance transformation to be much more of a process in which framework conditions are defined together with the customer and transferred into a tangible target operating model. In the next step, we derive the initiatives to be taken from this model and define work packages for the further course of the project. The big bang does not work, not even when implementing a new ERP. You need to get value back quickly while aiming for long-term results.
We know that every client has a different starting position. And while it may sound great that by using AI-driven RPA, finance teams will be able to deliver fast, real-time results of a high quality, the reality is that this would not be the right focus for most companies. Existing processes are often not sufficiently structured to ensure that a new, intelligent solution will run smoothly.
We recommend that our clients take one step at a time and focus on improvements with an immediate impact. The Pareto Principle also applies to finance transformation: minor changes can bring about maximum impact.
A
Tidying up to gain visibility
B
Defining the starting point
C
Rerouting the current processes
With minor changes, we can automate single steps of our processes without turning the processes completely upside down.
To ensure that companies remain agile during the process change, we automate and integrate one component after the other. End-to-end solutions can be tempting but require a longer waiting time for full adoption. In today's rapidly changing world, this is often too expensive for many companies.
3.0 / People – processes – technology
At Finatycs, we always assume that our clients are professionals with a high degree of knowledge and expertise. What is missing to drive the change in their processes and IT is usually just one more pair of hands with experience to structure projects, as well as the right methods to lead the often difficult dialog between business, IT or finance departments.
We position ourselves as a negotiator and partner for the finance department of a company. Our aim is always to sustainably leverage potential for the optimization and automation of day-to-day business and closing processes.
4.0 / Our services
Product 1
Process enablement
Status Quo and Documentation of process- and organisational landscape
Process mining
Automations and RPA
Product 2
Technology enablement
Rapid assessment
Concept (Business & IT)
Implementation ERP and EPM
Product 3
Content enablement
Fast close
Financial statement closing cockpit
Multi-GAAP reporting
IFRS conversion
5.0 / IT-Enabler und Software
In our most recent projects, we used the following set of our tools:
IT-Enabler (Software)
SAP ERP/EPM
d.velop
LucaNet
UiPath
4.0 / Contact
Rudolf Vasil
Managing Partner
"Our aim is to unlock the full potential of your team, systems and data! We partner with our clients to enable efficient work with their company's crucial data, whether they're part of a corporate group, a medium-sized business, or a start-up."
