New Report: Finance Transformation Successes and Pitfalls

{{}} {{}}
Sarah Fane
Nov 20, 2023

sharedserviceslink, in collaboration with Tradeshift, have released a comprehensive report titled "Finance Transformation: What’s Working, What’s Not," offering vital insights into the evolving landscape of finance automation and transformation in shared services.

The infographic report reveals that while finance automation can lead to impressive, financially rewarding transformations, many programs still fall short, leading to wasted resources, tarnished reputations, and a negative shift in organizational culture. To address this challenge, the report provides crucial guidance on avoiding common pitfalls and securing a successful transformation path.

Key findings from a survey of over 100 senior finance professionals in Europe and North America include:

·      Success and failures: The report delves into the achievements and setbacks within shared services automation and transformation, noting that despite high levels of satisfaction, a significant 32% of those on a finance transformation journey are dissatisfied with their outcomes.

·      Strategic goals and technologies: A shift from transaction processing to value-adding services is highlighted as a primary objective, with 74% aiming to use technology for this pivot. The report emphasizes the critical role of automation in achieving these goals.

·      Challenges in automation journeys: The research identifies key challenges like fragmented processes, resistance to change, and poor collaboration. It also offers strategies to navigate these obstacles effectively.

The report underscores the importance of senior leadership support and solid project management as critical success factors, with nearly half of the respondents affirming the necessity of senior-level backing.

Additionally, the publication outlines four essential tips to avoid common issues during finance transformation.

Download the report here

To read this article you have to be registered.

Become a member to access all content and / or download it

We value your privacy

We use cookies to enhance your browsing experience and analyze our traffic. By clicking 'Accept All' you consent to our use of cookies.