Addressing the Causes and Failure for Financial Transformation while Achieving Business Alignment

Abstract

The financial transformation journey is often addressed through trying to avoid the pitfalls associated with the causes of failure while leveraging the critical success factors. At best, Chief Financial Officers adopting this approach are likely to improve the degree of customer service experienced by Finance department. This is unlikely to lead to sustainable financial transformation being achieved. This article, having explored the causes of financial transformation and critical success factors, presents an exploratory model between business alignment and financial transformation. This relationship describes the necessary aspects of what is required to achieve financial transformation in a sustainable manner, while overcoming the challenges associated with financial transformation often being subjectively understood by the stakeholders.