Successful digital finance transformations hinge on having the right people in place at every stage of the journey – assembling an expert team should be a priority for results-driven Finance and IT leaders.
of firms globally are accelerating digital transformation, up from 37% two years ago1
of digital transformations fail2
Underinvestment in people is the most common reason they falter3
CFO and CIO working in unison can bridge transformation knowledge gaps with a powerful partnership that delivers better outcomes through shared experience.
Highly skilled Finance/IT hybrid professionals are valuable when it comes to transformation.
Lack of executive buy-in when budgeting, or misaligned budget expectations, are major roadblocks for transformation investment.
Good communicators educate boards and the wider company on the necessity for change, boosting decision-making across teams and departments.
Leaders need a comprehensive understanding of Finance Systems and the ability to evaluate new tools.
In-demand skills include: data analytics, cloud computing, cyber security, and automation (AI, data science, machine learning, robotics).
Accounting credentials and financial literacy are just as important as digital know-how.
Finance and IT hybrid specialists are primed to lead change and run transformed finance offices.
Professionals who have a far-sighted understanding of the organisation’s goals, cross-functional capabilities and problem solving skills can drive success.
Digital finance transformation reduced one major company’s overall general and administrative costs from 9.8% to 6.4% of revenues, leading to more than $1.5bn in annual savings in one year4.
3X
Training is key - Spending less than 13% of your ERP budget on training means you’re three times more likely to fail than if you spend 17% or more5
£7,400 PER PERSON
is the average cost of a new ERP system implementation6.
Digital finance transformations have brought new titles and responsibilities to the finance office, with these being the critical roles a CFO should be recruiting for:7
PROGRAM/PROJECT MANAGER
FINANCE SYSTEMS MANAGER
ENTERPRISE & SOLUTIONS ARCHITECT
FUNCTIONAL CONSULTANT
LEAD TRANSFORMATION MANAGER
LEAD DATA ANALYST
FINANCE BUSINESS ANALYST
BUSINESS INTELLIGENCE CONSULTANT
Digital finance transformations have brought new titles and responsibilities to the finance office, with these being the critical roles a CFO should be recruiting for:7
To find the right talent for every step of your transformation
journey and beyond, get in touch with us today.
1. ”2021/2022 Digital Transformation & Cloud Survey: A Wave of Change” Baker McKenzie, December 2021. https://www.bakermckenzie.com/-/media/files/insightpublications/2021/12/2021-digital-transformation—cloud-survey—a-wave-of-change.pdf Accessed January 2023.
2. “Perspectives on Transformation” McKinsey & Co. December 2022, https://www.mckinsey.com/capabilities/transformation/our-insights/perspectives-on-transformation Accessed January 2023.
3. “KPMG global tech report” KPMG, December 2022, https://assets.kpmg/content/dam/kpmg/xx/pdf/2022/09/kpmg-global-tech-report-2022.pdf Accessed January 2023.
4. “KPMG global tech report” KPMG, December 2022, https://assets.kpmg/content/dam/kpmg/xx/pdf/2022/09/kpmg-global-tech-report-2022.pdf Accessed January 2023.
5. “A value-led finance transformation” Accenture, January 2023 https://www.accenture.com/us-en/case-studies/about/accenture-finance-transformation Accessed January 2023.
6. “2022 ERP Software Report” by Software Path https://softwarepath.com/guides/erp-report
7. “How to Plan Training for Your Cloud ERP Implementation” Oracle, March 2022 https://blogs.oracle.com/oracleuniversity/post/5-tips-how-to-plan-training-for-your-cloud-erp-implementation Accessed January 2023.