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Reshaping the Finance Function Through Digital Transformation

In many Construction Companies, finance is still viewed as a recording and reporting function rather than a strategic enabler and insightful advisor for achieving business goals. While most CFOs acknowledge the limitations of their legacy IT systems, many have not yet developed a comprehensive plan for a digital transformation. With the industry’s minimal and often fragile profit margins, the finance function is critical for linking market and operational data to financial outcomes and providing analytic insight to key business functions. Through digital initiatives, finance can deliver timely, valuable forecasts that detail major changes in consumer or competitor behavior as well as documented and audit-ready financials. Digital transformation can also help contractors establish a foundation for a company’s future by not only providing stronger insights for better decision-making, but also attracting a younger talent base that wants to work with emerging technology systems and platforms.

Why Digital Transformation?

Past advances in technology have largely been designed to solve specific problems using individual technologies (or a small set of technologies working together). However, digital transformation means implementing an interwoven set of innovations to fundamentally transform the entire way the finance function can operate from the core outward.

The concept of digital transformation allows contractors to develop a culture that – from the top down – embraces the continuous nimbleness, visibility, and strategic risk-taking required to redefine the function and develop a new and lasting competitive advantage. The concept involves an organizational commitment to focus future finance planning projects and investments strategically toward integrating new and innovative technology.

Digital transformation within finance focuses specifically on how digital technologies can be used to power business improvements. Such an undertaking requires the full support and participation of employees at different levels of the organization. And, if planned effectively, the benefits can be truly significant.

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About the Authors

Chris Wetmore

Chris Wetmore is Principal in RSM US LLP’s technology and management consulting practice, which is located in Boston, MA. Chris has more than 10 years of diverse industry and technology experience.

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Bill Kracunas

Bill Kracunas is a Principal, Technology and Management Consulting at RSM in its Boston, MA location.

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