Organizations depend on finance to arm the business with accurate, timely insight and planning strategies to help the business succeed. In order to meet the business’ expectations though, Finance must put technology investment at the forefront of their roadmap strategy.At our recently concluded Hub 2015 conference, Ed Majors, Principal, Information Management, Deloitte Consulting LLP, “Historically, I think finance to some degree has had a backseat in the business, recording the results once they happen—a more reactive role. But the role of finance is now changing. They need to be a front-runner within the business, and finance technology has finally caught up to their needs.”Majors then discussed the three layers of business decisions to consider when implementing financial technology—strategic decisions, investment decisions, and operational decisions—and the importance that Finance plays into the investment decisions. Majors dove deeper into the strategy that Finance should take to address investment decisions. When making a fundamental business change, it can be overwhelming to know where you start – defining what strategic decisions to make, and how to put it into operational play. Ed Majors suggests looking to these four leading practices when implementing a new technology and strategy:Focus on business impactWith Deloitte’s decades of advisory and strategic service, Majors revealed the most common challenge found across customers looking to replace technology systems and process strategies is deciding where to start. The “Decision Optimization Framework” helps companies do just that; get started.Determine the key decisions that matter to your organization and how can this technology help get you there. At this point you must identify three things:
- What will lead to innovation?
- What will have the highest impact?
- What will drive the most value to the business?
- Enhanced quality
- Reduced risk
- Value creation
- Organizational efficiency