Accelerating Digital: Future-ready Finance 

Digital transformation strategies that enable Finance to drive greater value and growth

FEATURED CONTENT

Getting digital transformation right.

In a fast-evolving landscape, Finance leaders have a wide range of tactical options. Effective transformation is about intelligent bets – the right initiatives, in the right order. Does your organization have these critical building blocks in place?

  • Defining the digital strategy for the business
  • Connecting the enterprise from a customer-centric perspective
  • Scaling digital capabilities across processes and functions
  • Ensuring high-quality data to drive trust
  • Creating a “design-think” culture to support ongoing innovation
  • Building a centralized digital governance framework

Download our white paper to assess your current state and how to start. 

 

 

 

 

 

 

 

Read our insights on key components to accelerate your digital transformation 

Finance’s digital transformation picks up speed, now puts strategy and customers first

The future once envisioned for Finance is already here. Inside the business, automation and AI have redefined internal processes and the role of human input. In the external marketplace, virtual engagement with customers is the norm. In this landscape, the events of the past year have only underscored the need for strategic bets and focused investment in digital transformation.

Current state, target state, steady state

The rapid pace of change in technology means digital integration must become a continuous process that anticipates change and embeds the capacity to absorb new tools and methodologies. See why Finance is now ideally placed to be the internal catalyst of a company’s digital evolution.

Finance can spearhead organizational innovation

Today’s companies recognize the imperative to work toward becoming fully digital enterprises. Design thinking—a holistic approach to creative problem-solving—can position Finance organizations to approach challenges differently and uncover new client solutions.

Digital transformation agendas for Finance, in a new reality

Success in 2020 required companies to speed up their digital transformation agendas in a matter of months. Now, the new reality demands continuous scalable change. See how digital leaders are moving fast – and smartly – to gain a future-ready competitive advantage. 

CLIENT STORY

Investing in change: Global tech company hardwires FinOps innovation


When a global technology company wanted to consolidate, embed and carry forward what it had learned from finance transformation, it asked KPMG to help establish a Finance Center of Innovation (CoI). In eight weeks, KPMG team took the client from initial concept to a detailed 60-day playbook, configured to its complex financial operations and requirements for stakeholder buy-in. Read the story below to learn how we can help your business leverage its own innovation successes across Finance operations.

 

 

 

 

  • Client Challenge
  • Benefits to Client
  • KPMG approach
  • KPMG Insights

Client Challenge

You’re never too big to innovate. In fact, investing in change is now essential for large companies to stay on top. A Fortune 25 global technology client brought in KPMG to provide external expertise on the latest trends and best practices in digital innovation, based on our experience with similar projects and interactions with forward-looking companies.

Specifically, the client had a goal to establish a Center of Innovation (COI) across its financial operations as part of a strategic organizational upgrade. The lead finance stakeholders sought to empower all teams under the finance umbrella to identify innovations, but then also to rapidly embed the productive new ideas into operations through the right mix of people, process and technology.

While the client had identified a core internal leadership team to drive the COI, they wanted external insights and experience to ensure they established the right COI structure for their organization, leveraging industry-leading operating models and capabilities.

Benefits to Client

Over an 8-week period, our KPMG team took the client from initial concept to a detailed 60-day playbook for its Center of Innovation (COI) rollout that was uniquely tailored to the client’s complex financial operations—and the related buy-in from dependent teams across the company. As a result, the client:

  • Developed a strong foundation within 8 weeks to accelerate the successful launch of its new COI organization
  • Kick-started a successful rollout by using a foundational, comprehensive KPMG playbook that outlined the key capabilities, required roles and responsibilities, an interaction model to gain support from other teams, and governance forums to ensure areas like compliance, security and data management
  • Established an overarching vision and set of guiding principles that were essential to designing and operationalizing their leading-practice COI
  • Leveraged a high-level “walking deck” summary of the 60-day plan to support executive sponsorship and support from other key partners across the company

KPMG approach

Our client was committed to jump-starting digital innovation in its finance operations, and especially by looking at learnings and best practices from outside the company. They desired an innovation incubator, and so they chose KPMG as their partner because of our experience with similar projects and our insights on the effective approaches to innovation that we have seen with other clients.

To take their goal of a Center of Innovation (COI) from concept to reality—and design the best COI model for this global tech powerhouse—we started first with leadership interviews across the finance teams to assess their current perspectives, perceptions and thought processes. How did they envision a COI working? What could it do for them? Then we drilled down further via discussions with the functional teams that sat within the finance operation, from accounting and payables to finance-specific engineering and data and analytics.

After capturing those perspectives, we facilitated (held?) a series of workshops to distill them down to an overarching vision and set of guiding principles to ensure those north stars tracked through the COI rollout and ongoing implementation and expansion process.

All of this informed our final, high-level recommendation on an operating model, the innovation life cycle, and how new ideas could be generated and cascaded to the right channels, at the right time, for implementation.

Underpinning our recommendations were:

  • A capabilities framework, which helped identify the skills the finance team needed to develop and embed in their COI as a core functions for the group
  • A more detailed recommendation on the key roles they needed to fill to accelerate the COI’s development
  • An interaction model that outlined how the COI would need to engage other teams in the company—for example, technology, legal, customer service—to gain buy-in and show efficiencies for all
  • A suggested governance framework and structure to facilitate everything from compliance to executive sponsorship

After the 8 week project, the client was armed with the highly detailed 60-day launch playbook that captured all of the insights above, as well a summary presentation for executive sponsors and cross-functional partners.

The end result: from ideas to a Center of Innovation roadmap, in 8 weeks.

KPMG Insights

Start with Step 1

Digital innovation doesn’t have to mean “let’s boil the ocean.” Our large global tech client was committed to iterating its finance operations by testing innovative ideas from the start. In just 8 weeks, it was able to go from workshopping operating concepts to a detailed plan to start rolling out its Center of Innovation in a couple of key areas. And the client set its expectations accordingly: Success meant launching its COI so that it could steadily scale by identifying winning new digital innovations—one step at a time—and then rapidly embedding them into its processes.

Look Outside

No company has yet to corner the market on innovation. Be ready to look outside your company—at your competitors, sure, but even at entirely different industries—to learn what’s working in innovation and disruptive new ideas. Not every external best practice will be right for your company, but that macro view will give you a much broader perspective—and the acuity to drill down on the types of innovation that best fit your company.

Contact us

Ron Walker

Ron Walker

Finance Transformation Service Network Lead, KPMG US

Michael Kokotajlo

Michael Kokotajlo

Managing Director, Finance Transformation, KPMG US

Shehtaaz Zaman

Shehtaaz Zaman

Director, Finance Transformation, KPMG US

Colleen Mohnkern

Colleen Mohnkern

Manager Advisory, Finance Transformation, KPMG US

David Brown

David Brown

Principal, Advisory, KPMG On Demand Services, KPMG US

Anand Sekhar

Anand Sekhar

Managing Director, Digital Enablement, KPMG US