So the question here is – how do you build a Best-in-Class organization when it comes to Finance and beyond, an organization that leverages analytics and big data to reach new heights?
Will a new EPM software suite be a panacea to all the existing challenges related to your financial planning and consolidation process? Probably not.
Is your organization ready to drive a company-wide transformation? Or would it rather be an amelioration effort governed by Finance people only?
Analysts like Aberdeen Group, IDC and others recommend taking a pervasive/comprehensive/holistic approach, which seems to be the way to truly drive business transformation across your business entity, whether its a mid-sized or large corporation.
Perhaps the following considerations might be helpful when brainstorming at your next company meeting on how to effectively embrace the change:
How mature is your organization from data systems' point of view?
Finance staff skillsets – maturity and gaps?
General company attitude to risk?
Organizational tendency to innovate or rather preserve the status-quo?
All of these taken together in entirety might help you to select the tools/approach and people, for that matter, which would suit best your current situation.
Regardless of where on the EPM maturity curve you would rate yourself at the moment, waiting for Godot rarely helps!
Please kindly share your insights which other factors to take into consideration?