Finance Transformation – How to Buy Back Time
By Winshuttle Staff Blogger on Mar 27, 2014
Patrick Leonard and Fred Hargrove’s Finance Transformation Challenges white paper covers finance transformation. They found that even though business literature on finance transformation is abundant, “most of what is available –focuses on the drivers of finance transformation, the ‘Why,’ the ’What’ and the ‘Wow.’ However, there is very little available that addresses the challenges of executing finance transformation, or the ‘How.’ “
So, how do you transform your finance operations? How do you buy back time?
Organizations often apply the word “transformation” to any effort which improves operations by making changes to people, processes, or technology. But simply changing one or more of these aspects doesn’t guarantee improved efficiency and effectiveness of the finance function.
As Leonard and Hargrove point out, “By improving both efficiency and effectiveness, finance transformation results in a finance organization that is more aligned with and more valuable to the business.”
Transformation at the Transaction-Processing Level
Transformational efforts are often measured by improvements in ‘cost to perform’ at a transaction-processing level— including the speed of financial reporting and commensurate data quality improvements—moving to First Time Correct for transactions and master data creation and change.
This means lowering the cost of transactional processing is transformational. And the finance function gains more time to focus on higher-value activities like decision making and improving controls and compliance.
Buying back time for the finance function enables finance to become more strategic and less transactional.
Which brings us back to “How.” Since 2003 Winshuttle has helped hundreds of finance organizations with their finance transformation initiatives by buying back time.
Winshuttle customers buy back time by implementing standardized and flexible solutions
Sometimes, this transformation involves retaining data already in Microsoft Excel and replicating the data in the system of record without building complex interfaces or involving software development. Other times, it involves gathering opinions and decisions on data in forms or Excel workbooks again without needing to invest heavily in IT projects.
And a third way companies buy back time is by providing self-service querying capabilities for finance teams who no longer rely on IT or others to produce data reports and extracts.
The increased efficiency doesn’t stop there. Winshuttle solutions help organizations to optimize collaboration through the use of workflows and seamless ERP integration using familiar accounting tools like spreadsheets and web forms.
Find out more by visiting Winshuttle for Finance.
About the author
The Winshuttle blog is written by professional thought leaders who are dedicated to providing content on a variety of topics, including industry news, best practices, software updates, continued education, tips and techniques, and much more.
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