Finance Transformation: Communication Is Key

In Part 1 of this post, we explored the power of purpose for finance transformation projects. Successful initiatives are also built on effective communication.

It can be difficult to welcome change, especially in accounting and finance organizations where compliance is king.

To that end, routine feels safe, and while all of those repetitive tasks may get boring at times (or all the time), they’re comfortable. You still know what you’re walking into every morning, and you’re confident in the results, even if getting there was a chore.

Change introduces unknowns and uncertainty. If a new initiative is kept under wraps and not communicated to the entire organization, it’s easy to fill in the blanks with the worst-case scenario.

This is one of the many reasons it’s essential to build a communication strategy into your finance transformation project plan.

The Most Valuable Resource

When your people know the reason a transformation project is happening, and have enough understanding of why they’re much more likely to get on board.

Your people are also the best resource for how and where a company should improve. They are the ones who are closest to the daily processes, and they can identify the areas to transform for maximum impact.

When they have the opportunity to provide input and feedback, their buy-in will increase exponentially. This alleviates some resistance to change and can also increase confidence in the results of the initiative.

This has the power to shift the very definition of success at your company.

Putting It Into Perspective

Finance transformation projects are based around new technology, and uncertainty often surrounds buzzwords like AI, robotics, and automation. While process automation solutions and robotics are becoming more widely used and understood, AI is still shrouded in a cloud of mystery.

Even though there are obvious benefits, the always changing accounting and finance landscape makes it hard to keep up with what is a benefit and what may be a threat.

But when you hold open discussions about upcoming technology and industry trends within your organization, do your best to educate your teams, and focus on the pieces that will help further your organization’s purpose, an important perspective shift can take place.

Simon Sinek says, “I imagine a world in which the vast majority of people wake up every single morning inspired to go to work. They feel safe when they're there and they come home at the end of the day fulfilled by the work that they do.”

Just think about what your organization could become if this concept was woven into the objectives of your finance transformation project—and effectively and broadly communicated.

We spend so much of our lives at work, and innovative, forward-thinking projects have the potential to move us closer to enjoying what we do during the workday more. They allow us to contribute in a meaningful way and feel part of a bigger purpose.

This leads to a higher level of engagement, fulfillment, adaptability, and loyalty.

The Power of Purpose

Bill Thomas, principal at EY Advisory says, “I'm incredibly optimistic that with purpose, we can accomplish great things both professionally and personally.

“I've had this wonderful career with incredible customers who taught me that when you believe in something, you can get things done. And that’s not just about the execution of work. It’s the extra element that makes it work.

“In uncertain times, you need the certainty of purpose.”

EY is returning as a sponsor at InTheBlack 2018. Join us for inspiring sessions and networking opportunities that will help you navigate the ever-changing accounting landscape and engage your teams.

In Part 1 of this post, we explored the power of purpose for finance transformation projects. Successful initiatives are also built on effective communication.

It can be difficult to welcome change, especially in accounting and finance organizations where compliance is king.

To that end, routine feels safe, and while all of those repetitive tasks may get boring at times (or all the time), they’re comfortable. You still know what you’re walking into every morning, and you’re confident in the results, even if getting there was a chore.

Change introduces unknowns and uncertainty. If a new initiative is kept under wraps and not communicated to the entire organization, it’s easy to fill in the blanks with the worst-case scenario.

This is one of the many reasons it’s essential to build a communication strategy into your finance transformation project plan.

The Most Valuable Resource

When your people know the reason a transformation project is happening, and have enough understanding of why they’re much more likely to get on board.

Your people are also the best resource for how and where a company should improve. They are the ones who are closest to the daily processes, and they can identify the areas to transform for maximum impact.

When they have the opportunity to provide input and feedback, their buy-in will increase exponentially. This alleviates some resistance to change and can also increase confidence in the results of the initiative.

This has the power to shift the very definition of success at your company.

Putting It Into Perspective

Finance transformation projects are based around new technology, and uncertainty often surrounds buzzwords like AI, robotics, and automation. While process automation solutions and robotics are becoming more widely used and understood, AI is still shrouded in a cloud of mystery.

Even though there are obvious benefits, the always changing accounting and finance landscape makes it hard to keep up with what is a benefit and what may be a threat.

But when you hold open discussions about upcoming technology and industry trends within your organization, do your best to educate your teams, and focus on the pieces that will help further your organization’s purpose, an important perspective shift can take place.

Simon Sinek says, “I imagine a world in which the vast majority of people wake up every single morning inspired to go to work. They feel safe when they're there and they come home at the end of the day fulfilled by the work that they do.”

Just think about what your organization could become if this concept was woven into the objectives of your finance transformation project—and effectively and broadly communicated.

We spend so much of our lives at work, and innovative, forward-thinking projects have the potential to move us closer to enjoying what we do during the workday more. They allow us to contribute in a meaningful way and feel part of a bigger purpose.

This leads to a higher level of engagement, fulfillment, adaptability, and loyalty.

The Power of Purpose

Bill Thomas, principal at EY Advisory says, “I'm incredibly optimistic that with purpose, we can accomplish great things both professionally and personally.

“I've had this wonderful career with incredible customers who taught me that when you believe in something, you can get things done. And that’s not just about the execution of work. It’s the extra element that makes it work.

“In uncertain times, you need the certainty of purpose.”

EY is returning as a sponsor at InTheBlack 2018. Join us for inspiring sessions and networking opportunities that will help you navigate the ever-changing accounting landscape and engage your teams.