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Achieving Sustainable Continuity for the Office of Finance

Developing a Joint Finance/IT Long-Term Plan

Crisis and Resiliency

The critical lesson learned from any crisis is the importance of resiliency to cope with sometimes rapidly changing circumstances. Technology has demonstrated that it provides the essential ingredient to achieving this resiliency. Now that companies have had time to digest the experience of operating virtually, the Office of Finance must develop a longer-term plan and roadmap to achieve sustainability and continuity in its operations, regardless of the circumstances. To get the best results, Ventana Research recommends that finance and IT departments work together to explore requirements for resiliency and business sustainability and understand what’s possible with existing and emerging technology. Ventana Research recommends that the discussions between the Office of Finance and IT department focus on the following four objectives.

First, commit to making full use of proven, practical and affordable information technology to improve departmental performance. This means using software wherever possible to eliminate the need for individuals to do low-value work that computers can do faster and more accurately. For example, our Office of Finance research found a correlation between the degree to which companies automate their close processes and how quickly they close their books: 88% of companies that have automated substantially all of their close processes are able to close within six business days compared to 59% that have automated some parts and just 40% that had applied little or no automation. Digital transformation enables the Office of Finance to operate virtually so that it can better adapt—regardless of circumstances—and overcome obstacles to fulfill its mission. Having systems that can be readily accessed remotely and having the ability to collaborate and execute processes virtually makes it easier for departments to meet their commitments with confidence.

 
 

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