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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:

  1. Know the Business
  2. Drive Agility in Planning & Forecasting
  3. Streamline the Financial Close
  4. Automate Reporting
  5. Leverage Advanced Analytics

Conclusion

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 .

Do you want to know more about OneStream XF?

To know more about OneStream XF, click here, or contact  Sergio Oria

Experience

Below a selection of some interesting projects we did that helped our clients to bring their processes to the next level

International growth at Paques

Family company Paques produces and develops hi-tech biological solutions for (waste) water- and gas cleaning equipment. The company sells its equipment worldwide and is growing fast.

Rapid availability of reports at Flow Traders

Flow Traders is listed on the stock AMX exchange in Amsterdam and specializes in trading index-tracking funds.

Using OneStream for results by store at Hunkemöller

Hunkemöller is growing fast: it now has more than 900 stores, and more stores and more countries are being added each year.

Streamlining Reporting at Parlevliet & Van der Plas

Parlevliet & Van der Plas is the largest fisheries company in Europe, with subsidiaries such as Ouwehand and Heiploeg.

Multiple Reporting Standards at Terberg Group after Merger

When a subsidiary of Terberg Group merged with the Spanish RosRoca Group, the turnover doubled.

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