Digital Transformation: How To Get Started
Digital transformation is an opportunity for a fresh start – a chance to revisit the basics . What are the basics? There are two: 1) running the business and 2) managing the business . There are applications that help run the business, and that is the role modern enterprise resource planning (ERP) systems play . The purpose of ERP systems is to create excellent operational processes by focusing on creating cost efficiencies and improving product and service speed and quality .Corporate performance management (CPM) applications help manage the business . They streamline finance and management processes and improve business insight and strategic decision-making . CPM applications help to do the following:
• Provide insights across systems & processes
• Increase agility through dynamic planning & reporting
• Allow financial and operational scenario modeling
• Create alignment, collaboration and consistency across the enterprise
5 Steps to Unleashing Finance
With a CPM 2 .0 platform as a technical foundation, leaders should consider five critical steps to unleashing finance . Of course, every organization is unique so organizations should assess what steps to implement and when based on the specific needs of their business . The Five Steps to Unleashing Finance are as follows:
- Know the Business
- Drive Agility in Planning & Forecasting
- Streamline the Financial Close
- Automate Reporting
- Leverage Advanced Analytics
Unleashing finance is a mindset . Like any strategic initiative, change does not occur overnight . While transformation requires organizations to think big — it is OK to start small . Whether the transformation journey starts with planning or financial consolidation — what is most important is for leaders to start . And with a mission and track-record of delivering 100% customer success, sophisticated organizations are placing their trust in OneStream as their digital management platform to unleash finance far into the future .
International growth at Paques
Rapid availability of reports at Flow Traders
Using OneStream for results by store at Hunkemöller
Streamlining Reporting at Parlevliet & Van der Plas
Multiple Reporting Standards at Terberg Group after Merger
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