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Legacy mindsets often inhibit financial process transformations.
Cultural hesitancy slows operational redesign. This resistance to change impedes creativity, hardens organisational siloes, and complicates the effort required to redesign the finance journey.
Consequently, most organisations in Australia are technology pragmatists.
Finance leaders and the organisations they lead often wait for prevailing trends to change before committing funds and focus on operational and experiential innovation.
Traditional funding models compound these legacy issues.
ADAPT contends that because almost 60% of the technology budget is assigned to the run side of the business, in other words is servicing technical debt, little financial firepower remains to fund process reinvention.
Organisations can develop metrics that matter to value the intangibles of experience.
Review your scorecard to examine the customer and employee frictions hindering engagement and creating risks of attrition.
Augment governance and operational excellence with soft measures focused on the pillars of trust, effort, modernisation, and access to new technology.
Provide flexibility to functional leaders to adapt these metrics to specific needs.
Measure the impact of experience, excellence, and engagement on ecosystems, society, and the environment to drive transformation with purpose.
Chief Financial Officers aiming to adopt an adaptive funding model that values intangibles, not just economics, should:
- Develop metrics that matter to examine the intangibles of experience and drive growth in a resilient, user-friendly, and efficient manner for legitimacy and credibility
- Highlight intelligent digital execution with an open, pragmatic mindset that includes consideration of new ecosystem value
- Collaborate with executive peers using forward-looking scenario planning to shape strategic and tactical initiatives and overcome complex externalities
- Reimagine the finance dimension as an insights producer by removing reference burden and resolving last-mile risk reporting disconnects
- Enable employee inspiration and improvisation by removing activity-level overlaps, reconfiguring work patterns, and creating operational tension for change
