Nearly 75% of CFOs are in the middle of transforming their finance departments, but two out of three of these efforts will be unsuccessful. Most finance transformation projects are too focused on achieving a specified level of finance cost as a percentage of revenue. When this metric becomes the primary means to gauge performance, it leads to poor finance transformation decisions.
CEB research finds that the best companies approach finance transformation in a fundamentally different way. They treat Finance as if it were a profit center. Like any successful line of business, these finance teams measure the value of the services they offer and allocate resources based on risk mitigation and return on investment, not simply on cost to serve.
This white paper summarizes the five common mistakes finance departments make when embarking on a transformation project - and the four recommendations for a successful transformation.