Selecting a Finance Transformation Leader

One of the hardest tasks for any CFO is to select the 'right' Leader for their Finance Transformation Program. The CFO will be approving 7 figure investment, service disruption, system adoption and organisation change. All of which must be planned and managed with care if the CFO is to succeed.

I do not envy the CFO their decision. A Finance Transformation program in my experience is instigated for one of several reasons and I would put forward these are the Top 5, in order:

1. Finance Business Systems - The ERP needs an Upgrade
2. Finance Shared Services - The CFO has come from a Shared Services environment and knows the benefits it can bring so they wish to adopt the Model
3. Period End Broke - The most recent Period End was delivered late, on time but with much infighting or the numbers where flaky. At a Process or Organisational level it just did not run smoothly and tempers flared
4. Compliance - There has been a breach and the Business suffered material loss
5. New CFO - A new Broom as they say

These are the 5 most common reasons I get a phone call. You may get them for 5 other reasons but I daresay there is a high degree of overlap as Gary Neville would say.

Once the decision is made that the CFO wants a Finance Transformation program invariably their first step is to look for a Leader. They can then go one of 3 routes:

• Internal - Appoint the Deputy CFO
• External 1 - Call the Big 4
• External 2 - Call a Boutique Consulting Firm or an Interim

Whichever route you go I have but one piece of crucial advice and it is crucial.

If you want Finance Transformed then your best bet is somebody who actually understands Finance. A Leader who has operational Management experience at the sharp end not just from blueprints.

This critical combination of 'hands on' leadership experience of substantial Finance functions and a proven Approach is what sets Finance Transformation Consulting apart. We don't treat you as a Client we treat you as our Team.

Check out our Website for more on how to structure your Finance Transformation program for success right from the start.

Best Regards,

Michael Ryan