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Do you have a process architecture in place that will ultimately allow your processes to run themselves?
To stay relevant, finance functions have to evolve from scorekeeper to business partner. But to shift resources to value-adding strategic activities, they first have to take care of daily business efficiently by automating and standardising processes to as large an extent as possible. This requires an end-to-end process architecture and design.
Sounds like the familiar nuts and bolts of finance, doesn’t it? In a sense it is. But it’s time to take a step back and take the strategic view. To build a sustainable platform for continually enhancing your level of process automation and standardisation, you have to think carefully about where you stand now, what you want to achieve, how you’re going to go about it, and what you’re willing to pay for it.
The rewards of taking on the challenges far outweigh the effort: a finance team fully equipped to play a key role in steering the business.
Five key challenges for CFOs in terms of process architecture
Systematically address these five process architecture challenges, and you’re well on your way to transforming the finance function.
Moving beyond the finance function
Collaboration and governance across functions is required: How can you govern E2E processes and break down functional silos?
Creating the process blueprint
Designing the future process blueprint requires a holistic vision and strategy: How do you create an integrated process design?
Process management
Documenting your processes alone is not enough: What is required to manage an E2E process?
Performance management
Setting the right incentives and assigning ownership with a multi-layered performance framework: How do you design the right-fit multi-layered KPI framework?
Selecting the transformation approach
A clear strategy and vision are required, independent of the transformation approach: How do you initiate your process transformation journey?
Clear path to process efficiency:
- Quantitative Analysis
Data analytics/process mining to capture a fact-based current state - Qualitative Analysis
Process mapping to complement the current state with process steps outside the system and perceived pain points
- Vision & Strategy
Strategy and vision workshops to articulate the mid- to long-term process vision
Want to learn more?
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https://pages.pwc.ch/core-asset-page?asset_id=7014L0000000ik9QAA&lang=en&embed=true
Transforming process architecture is a bold but necessary step to equipping finance teams for the future. Taking a structured look at your requirements and vision before you start will give you the confidence you’re taking the right step – and make the subsequent journey a lot easier.
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