When it comes to transforming your finance organization, there are several options available. You can choose from Embark, Protiviti, and VantagePoint.
Embark
Finance transformation is a critical step for improving financial performance, efficiencies, and decision-making. It also helps to ensure the long-term viability of the organization.
Finance transformation is a complex undertaking that requires a strategic approach. Companies should evaluate their current state of finance function and then develop a plan that includes specific milestones and goals. This will provide a roadmap for success.
The finance transformation process is designed to optimize performance by reengineering the financial function. Technology plays a key role in achieving this goal. A streamlined architecture delivers a clearer and more accurate view of data, reducing complexity. All employees, regardless of department, can access and interpret the information.
To achieve this, a centralized, secure application platform is necessary. Various finance-related applications should be hosted on this platform. Besides security, the system should be scalable and able to accommodate growth.
VantagePoint
A financial transformation is a process that may involve a complete overhaul of a company’s finance department, a restructuring of its finance operating model, and associated processes. It may also include the implementation of new accounting systems and associated tools.
In order to achieve a sweeping transformation, a company must first invest in the right technology. This will require a certain amount of upfront investment, as well as a team of people willing to learn the necessary new processes. As a result, many smaller companies think the project is too expensive. However, a proper financial transformation can pay off in the long run.
An all-in-one solution like Deltek Vantagepoint is the way to go. The product boasts innovative features that can improve cash flow, boost collaboration, and optimize data capture. Combined with a sleek user-friendly interface, the software can help your project-based firm reimagine how it runs its business.
PwC
PwC’s suite of Finance Transformation solutions aims to help clients navigate the many challenges of today’s business environment. This includes a variety of technologies and services that span the finance, IT, and operations spectrums. From transactional processing to strategic actionable insights, these solutions help clients make the most of today’s opportunities.
The Predictable Value approach is one such solution that allows companies to easily and efficiently move from transactional processing to strategic actionable insights. It takes into account the different dimensions of a company’s business and translates them into a target operating model that is tailored to the needs of that organization.
Another important component of a finance transformation is an integrated transformation team. Integrated collaboration is critical to successful transformation. By working together, the team can ensure that all sub-projects are properly scoped, coordinated, and aligned.
Protiviti
Protiviti is a global management consulting firm. It provides a variety of consulting solutions, including business planning, performance management and strategy setting. The company works with companies of all sizes, from start-ups to large enterprise.
In the modern world, it’s more important than ever to have agility to respond to unexpected events. This is a key consideration for companies considering an IPO. An IPO is a complicated process, and it is best to be prepared before you move.
A recent study by Protiviti found that there were a few key trends in the finance industry. One of these is the emergence of an “intelligent workplace,” which focuses on how workers interact with each other and the organization.
Another measurable benefit is the use of technology to increase efficiency. For example, the team at Protiviti implemented dashboard reporting and a streamlined disbursement process. These improvements led to an estimated 40 percent decrease in overall time spent processing disbursements.
Datarails
DataRails is a financial planning and analysis platform that is designed for Excel users. It offers advanced data visualization and collaboration. The company uses machine learning to automate critical financial processes in Excel.
DataRails is a cloud-based financial platform that provides a 360-degree view of all organizational financial data. This includes unstructured and structured data. By leveraging AI, the software can automatically consolidate and analyze this information in real time.
DataRails was founded in 2015 and is based in Tel Aviv, Israel. It has already raised $33 million in funding. These funds will be used to expand the company’s global customer base and to invest in sales, marketing, and R&D.
DataRails’ growth has been fueled by companies streamlining their accounts. But the firm plans to add new functionality for other spreadsheet-using teams, too.