We start with purpose and end with platforms.
The Financial Transformation Maturity Model first defines your purpose, desired business outcomes, and strategy before selecting platforms.
Reframing financial transformation as a profit center changes everything. Instead of serving users, you’re serving customers. As such, it’s important to identify who your customers are early in your financial transformation. As you begin that exploration, the language you use when assessing your Financial Transformation Maturity will take on a customer-centric tone.
In creating your digital future, you have the opportunity to assess lots of pathways to success. You may be considering a portfolio of various business models and wondering how innovating and introducing new business models to your organization will impact the way that your operating model will need to adapt.
Our model helps change agents charged with financial transformation to innovate new business models, led by the guiding principles of standardization and scale.
Through collaborative vision formulation, LCG takes a long-term view of your organization. Through a strategic evaluation involving our comprehensive assessments, scenario planning, and market research, we help senior executives determine the right mix of the portfolio of business models they should adopt. The adoption of innovative business models should align to your organization's purpose.
Many global consulting firms start financial transformation initiatives by using a 5-5-5 process
That is, they conduct a workshop to solicit 5 ideas that can be generated in 5 weeks resulting in a prototype that can be launched in 5 months. Those initiatives rely more on luck than on strategy and they introduce some bad habits. Our process differs because, while we also deliver short-term prototypes, we help our customers create a long-term vision using a strategic roadmap that will create sustainable and competitive advantages. Organizations should begin with the end in mind and have an assessment of the desired return on investment. Execute your strategy and win.
Successful financial transformation starts at the top.
They typically require the client to have a C-level champion. They are multi-disciplinary. If the initiative is to be transformational, by definition, you will have people in your organization who have never had reason to collaborate before. Interdepartmental and multidisciplinary teams will work together to create new ways and new answers.
For instance, many of our consultants arrive to design thinking workshops and notice that there are people in the room who think that we’re the employees and that the other participants are the facilitators. They’re confused because this group of people have never been assembled to work together and often, we wind up introducing the employees for the first time.
It is imperative to get an early understanding of the current skills within the organization and the complementary ecosystem of partnerships and consultants who fill in the gaps. We conduct comprehensive capabilities assessments and skills inventory & mapping across key stakeholders, existing vendor relationships, and their associated teams.
Documentation and process
After identifying and inventorying major value-driving and cost-driving processes in your organization, we will select the ones that align with your desired business outcomes and are most likely to positively impact your organization's journey in achieving it. You cannot digitize what you have not documented. Let us handle the documentation of your processes using practical mappings that are ready so that when they are handed over to builders, they can build. Our process documentation is BPMN 2.0 compliant.
Your platforms should be assembled around your digital future
Your platforms should be assembled around your digital future, not the other way around. There’s a reason in our model that technology is last. We will build a technology roadmap that will support your desired customer experiences.
We’ve successfully deployed our model in just about every major industry. It brings discipline and rigor to the transformation. Each transformation follows the steps of the model, but the outcomes of every phase will be highly customized for your moment. Your organization’s dynamics, state of readiness, budget, business model ambitions, and willingness to absorb change are all taken as inputs in our recommendations.
Common Ingredients to
Financial Transformation Success
Common Ingredients to
Financial Transformation Success
- Multiple Visionaries and Change Agents championing and funding Financial Transformation
- Multi-disciplinary and enterprise level commitment from BUs and Shared Services
- Aspiration to advance an internal agenda towards a data-driven culture
- Willingness to accelerate agility posture and monetize business model(s), both digital and traditional, through the use of automation and innovation
- The consensus view of Financial Transformation is that it is a long-term, strategic, comprehensive initiative. It’s a portfolio of programs, not a one-off project.
Transform your industry
Whether the rationale to start your financial transformation was a reaction to chase a competitive imperative or your aspiration for digital transformation is to transform your industry through competitive differentiators, our model applies.
In the modern economy, organizations must provide great customer experience using digital tools. That means that companies that win, win on digital experience.
It’s true in customer experience and it’s true in financial transformation. That’s why we approach financial transformation as a profit center.
The Financial Transformation Maturity Model is deeply intertwined with the Lima Consulting Group mission: that is, to help develop, deploy, and optimize digital experiences to create sustainable competitive advantages.
How to Lead a Financial Transformation Initiative