FINANCE FUNCTION MODERNIZATION
Finance digitization, improvement, or transformation are all terms used to describe Finance function modernization. They range from the one off tactical change to the holistic strategic reimagination of Finance.
“When a company decides to pursue a strategic vision to shift a Finance organization from stewardship functions to an enabler of strategic business insights, people and expertise are at the heart of a successful execution. At our company, we were confident we had the right internal resources in place, however, we needed external expertise to help us see opportunities and enhance our future vision.
I have worked with the partners of AEGIS over the years, and I was certain these are the partners to enhance our team to identify these opportunities. As they have done so many times before, their execution and results were invaluable.”
Senior Information Officer
Financial Services Industry
Client was engaged in a multi-year Finance Information Framework program intended to enable their Finance organization to build a strong, flexible foundation. The client wanted an independent assessment of the future state target operating model design to identify any major design gaps and confirm they were positioned to meet their overall program goals and objectives.
We assessed the program’s three primary objectives to: strengthen and automate critical business processes; improve data quality and reliability; and upgrade the underlying infrastructure. We performed an independent, objective assessment of the proposed future state operating model design. We made recommendations to provide an enhanced ability to deliver accurate, timely and impactful information to internal and external stakeholders.
We noted that a data management strategy and governance process with clearly defined organizational roles and responsibilities had not been established. This is a critical design element. We validated that the proposed design would result in a sub optimal “thick” general ledger and that all reporting requirements had not been considered (key groups had been left out). A clear reporting strategy was required, including the role of the general ledger, detail product sub ledgers and the financial data warehouse. We proposed alternative designs based on leading practices from peer companies to close design gaps. This allowed the client to change course before major issues resulted from these design deficiencies.