Project financial control
Right financial controls must be in place. Initially, as a part of important controls, budgeting control accuracy is paramount to let it be on track at the time designing the financial project.
Risk Mitigation:
This has very crucial key roll for the ERP digital transformation team as is crucial to get effectively identifying and managing risk and focusing on risk mitigation before it turns to a huge problem. The involvement of internal audit group and financial risk management team assist to avoid this. Usually, the software vendor the technology deployers are often engaged and accustomed with core technical issues and implementation, so not having in-depth focus and expertise on financial and accounting domain and its associated business risks and pitfalls. Timely and proactive initiative shall have to be taken placed in the whole endeavour.
Business Value creation:
This is treated as very important task from the finance and accounting team members to focus on where the values comes out of the investment of the digital transformation. It is notable to consider where the business benefits are, having identification the ROI, quantify the business benefits and to hold the organization accountable to seed and realise the values as the benefit. The absence of mechanism of proper project governance of the organization can not realises the business values and benefits. Someone must focus and measure this matter to avoid the obvious and potential loss.
Financial processes:
The efficient finance and accounting team members are to be engaged as the Subject Matter Experts (SME) to identify the futuristic business processes during the technologies being deployed. This steps are required for business processes workflows and at the same the intended output of the workflows, e.g, the reporting, analytics, business intelligence, the consolidation outputs and the desired account closing state which come out of the futuristic system – are the most important deliverables that the most finance and accounting team need to have clear vision for. So the finance and accounting group needs to play an important role to ensure these input and processes fit to the needs for the organisation.
Private Equity considerations:
In the case of the private equity investment for the organizaiton, the finance and accounting teamhas got additional responsibility or focus in favour of the organisation, so that a stable Finance and accounting system should established. Most private equity organisation has low tolerance to spend too much money to let not the budget get out of control. The involvement of the private equity stakeholders in the process to get the realistic views to analyse and hence the change management campaign helps reflect the understanding about the inputs and requirements to be incorporated in the digital transformation.
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