Business leaders should consider the finance transformation journey as imperative for competitiveness and value management.

In this piece, I highlight the importance of finance transformation and its use of technology as enablers to the survival of finance function.

I leveraged my discussion on the article in the Forbes titled “Back To The Future: Building Financial Transformation’s Missing Link”.

Businesses have continued to witness significant and disruptive change. These disruptions have come with various dimensions such as global and regional recessions, financial crisis and new technology.

The impacts on businesses have been profound, leading to new organizational forms. Intriguingly while new start-ups have evolved, older businesses have eclipsed.

For instance, some businesses ranked as Fortune 500 companies about two decades ago have fallen down the ladder.

New technologies are again here with us, for example, cloud computing, mobile solution, the blockchain, and artificial intelligence. As a business, you either ride the technology wave and transform or it wipes you out.

So while technology has facilitated the simplification of business growth and simplification of businesses, it has also constrained other business functions. A big casualty is the finance function.

It seems a paradox that the finance function can be negatively impacted by technology because one can easily point to the benefits of simplifications and standardization of finance processes as a result of the use of technology such as SAP.

So while technology has been helpful in transaction processing and accounting, it is however not fully helpful in supporting finance in its role of providing compliance, control, and business partnership.

The finance function is now transforming itself from transactional finance to being a business partner and even to a more advanced level of being a value manager.

The application of technology to the finance processes has been to automate transactions. Interestingly, some business leaders still see the finance function from the automation lens by referring to the function as “Accountants who are processors of payments”.

The good news, however, is that a good number of business organizations are now reaping the benefits of the finance transformation journey as their finance managers ( now finance business partners) are beginning to earn their seats at the table by providing insights to support leadership decision-making and performance management.

Modern business leaders are constantly looking for insights from big data, smarter and real-time reports, and lower costs of compliance.

To effectively perform the new role of a finance business partner, the current finance function needs to transform. It also needs to review its use of legacy financial systems and seek the help of agile technology that will support the new role of a finance business partner.

I will suggest that If your organization is considering the finance transformation journey, please talk to us at Gabriel Domale (Management Consulting).

Each of our managers, as finance practice leaders have over 20 years’ hands-on finance experience, participating in finance transformation journey at a Fortune 100 company (Shell). We will share our stories, knowledge, and insights with you.

Please read the full article at this link: https://www.forbes.com/sites/workday/2017/02/13/back-to-the-future-building-financial-transformations-missing-link/#6e98254b5529

Do you agree? I welcome your comments/insights.

In a subsequent piece, I will continue the discussion on the key elements of the finance transformation and the benefits to an organization

How Gabriel Domale Consulting creates value for clients

Gabriel Domale Consulting leverages our deep hands-on industry experience to provide consulting services including strategy, corporate governance, transformation and due diligence.

Other services are cost reduction strategy, training, financial modelling, valuation, fundraising, business model innovation, value for money audit, estimation, performance management, recruiting and executive search.

Read more: https://www.www.gabrieldomale.com/blog/how-to-make-companies-in-africa-to-grow-by-consulting

We provide support to business and finance leaders to help them to identify growth opportunities and create value.

Using excellence in strategy implementation, capital efficiency, building strategy, planning frameworks and the crafting of innovative cost-saving solutions. Also, we deliver projects within costs.

The growth of our firm is hinged on the strategic perspective of growing a strong relationship with our clients and working with them to achieve competitive advantage and viable market growth.

We are committed to continuously engage with clients to develop innovative solutions and to collaboratively implement business decisions to achieve sustainable outcomes.

Request our services â–º https://www.www.gabrieldomale.com/submit-rfp.php

Call us on â–º +2347034604152

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Author

Dr Leesi Gborogbosi

CEO, Gabriel Domale Consulting – Dr Leesi Gborogbosi

Dr Leesi Gborogbosi is the CEO of Gabriel Domale Consulting, a management consulting firm based in Nigeria, that helps companies in Africa to grow, provides insights to leaders and transforms institutions.

He has about three decades of leadership experience in the oil and gas industry (Shell Nigeria). He is an expert in finance, strategy, corporate governance, transformation, cost management, leadership development and due diligence.

Dr Leesi Gborogbosi was Project Finance Manager of Upstream Oil & Gas Projects (7 projects - Headline size: $8 bln) - Southern Swamp Associated Gas System, Forcados Yokri Integrated Project, Otumara, Adibawa, Agbada and Assa North/Ohaji South Projects.

He provided advisory services namely, strategic planning, budget management, funding strategy, risk management, governance, due diligence and investment plan.

These advisory services cover the full life cycle of the seven major upstream oil/gas projects, power facilities and export pipelines.

He collaboratively works with business leaders and their organizations to identify growth opportunities and create value through operational excellence in strategy implementation and capital efficiency by delivering projects within costs, building strategy and planning frameworks and crafting of innovative funding solutions.

Dr Leesi Gborogbosi provides support to finance leaders to make crucial decisions and optimize performance through financial excellence in finance systems and accounting operations, budgeting, finance transformation, cost reduction, governance, risk, and compliance.

He has doctoral degrees in strategy and business studies and MSc (Research Methodology in Management) from IE Business School, Madrid and an MBA (Finance and Banking) from the University of Port Harcourt, Nigeria; and BSc (Accountancy) from the University of Nigeria, Nsukka. He had his secondary education at Federal Government College, Jos, Nigeria.

His doctoral dissertation focuses on strategy implementation, collaboration, the role of middle managers, and the dynamics of social movements (host communities).

Dr Leesi Gborogbosi leverages his professional experience as a Certified Management Consultant (CMC); Fellow, Institute of Chartered Accountants of Nigeria; and The Institute of Management Consultants. He is member of the Chartered Institute of Procurement & Supply, London; Nigerian Institute of Management (Chartered); and Strategic Management Society, Chicago, United States.

He was nominated by the Strategic Management Society, Chicago for "Best International Conference Paper Prize Awards" in 2017 and 2015. He was appointed the Chair for the Session on “Leading change implementation processes” at the Strategic Management Society conference in Denver, United States in 2015.

Dr Leesi was a member of the Strategic Management Society “Special Committee on Diversity and Inclusion”, Chicago, USA, with the responsibility of providing the Strategic Management Society Board of Directors with a good audit of where the Strategic Management Society stands with respect to inclusiveness in its activities.