In the case of finance transformation, it’s often talked about in terms of re-engineering people, processes and systems to reduce costs, reduce cycle time, and make finance more strategic, ‘transforming’ it from a back-office scorekeeper function to a true business partner to the CEO and to the organization.
This topic is so broad, I’ve divided the information into two articles. In this part, I touch on the traits of modern CFOs, then
But this role for Finance isn't becoming reality in most businesses. The key to becoming a strategic leader is "Finance Transformation". What is it? Why aren't Finance departments embracing it? More importantly, what can be done about it?
What is Finance Transformation?
The Finance department must learn to move beyond simply processing transactions and delve into planning and forecasting.
That's a good question, and one that the folks at Peet's Coffee & Tea is more than capable and willing to discuss. Peet's went through this process, and came out a winner. Founded in 1966, Peet's went through an IPO in 2002. The business continued to grow, though not as fast as possible, until 2012, when it was taken off the public market and bought by private investment firm JAB Holding Company for just shy of $1 billion.
Peet's Coffee has four different business