Whether your distribution company is growing, has stalled or is in decline, each scenario has its challenges. Whether enabling scale, securing profit margins and cash flow, or guarding against new competitive business models, you may not have the time or resources to devote to a lengthy finance transformation project.
Transforming your finance processes doesn’t need to take months or years. But to achieve rapid results, you need a plan. There are five steps you need to undertake to improve your finance efficiencies, deliver a better customer experience and bring in more money – faster. Here’s step 2. - Missed Step 1? Click here to catch up. -
Step 2. Assemble the right team
According to a study by CIO.com, the lack of a strong team can cause your digital transformation project to fail. The top team-related challenges include leadership that isn’t committed, resistance to change, and a lack of talent to carry out the transformation.
To ensure that your financial transformation succeeds, you must dedicate a person to change management – a champion. If your company is large, you may have a Change Manager. If your company is smaller, you can assign a business analyst to this role.
Choose someone who will bridge the gap between IT, finance, accounting, and your technology vendor. This person should take an active role in every stage of your finance transformation – from selecting a vendor to overseeing the implementation, driving adoption, and ensuring that you hit your success targets.
Your champion will encounter people who are resistant to change. Some members of your collections and AR teams may worry that finance transformation will put them out of a job. Alleviate the risks by showing them how AR automation will benefit them. Tell them that your AR automation tool will put all of their account information into one central platform so they can easily find the data they need. That way, they can spend more time engaging important customers in a meaningful way and less time searching for files.
In the next blog in this series, we will discuss the next step in transforming your accounting processes – defining the right metrics.
To learn more about how to transform your accounting and finance processes, grab a copy of our guide.