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Over the course of an eight-week program, wavespace hosted dozens of key stakeholders in over meetings, giving them the perspective and collaborative focus they needed to think about and ask questions about the best ways to transforming their finance operations. At the same time, participants were challenged to work identifying meaningful ways to assess how technology solutions could be applied to their finance processes.
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First, the client landed on the Cloud as the most appropriate technology for their needs. Within wavespace, they then started challenging their own assumptions — rightly identifying the fact that the Cloud could not be considered just as a technology play but needed to be understood as a wider platform that could transform the finance function in multiple ways. The client also identified potential roadblocks.
Through dialog with respective stakeholders, they found that if they had focused entirely on the tech, but neglected the process side of the equation, the desired results would not be delivered. EY ensured the wavespace environment provided the frontline finance professionals everything they needed to help design the solution and define the use cases, supported by the IT and Finance Change teams.
Through transparent conversations between different stakeholder groups, practical, effective solutions began to emerge. Through creative collaboration within wavespace, the client not only honed their transformation strategy to a specifically Cloud-based approach — they also developed clearly defined steps that would allow them to pursue real, measurable value. These included:. These tools allowed the client to come up with solutions that led to real, measurable value for its finance function — and the business as a whole. With these new Cloud-enabled processes, they identified the potential to remove the need for manual reconciliations between different systems or data sets.
This could then potentially save significant man-hours — including reducing the time taken to close accounting books from up to 20 days down to four days — freeing up time and resources for more value-adding tasks.
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Particularly, it demonstrates that grounding any technological agenda in real world, human experiences — rather than hypothetical ideal scenarios — is critical if technology solutions are to be applied in an effective and valuable way. With the current business landscape utterly changed by the impact of COVID, organizations increasingly need to be able to reimagine how they work in this unchartered environment.
More than ever, they will need to reframe how their business models and operations fit into a global economy that continues to experience severe shock as a result of the pandemic.
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To effectively reinvent themselves during this crisis, organizations will need to embrace transformation to drive growth. By creating the mental space to think through the challenges brought about by COVID — actively seeking different perspectives and challenging assumptions about not just the right paths forward, but also the fundamental issues to be addressed — organizations can ensure they are pursuing strategies that can deliver genuine value.
Questions about a specific EY service? EY Belgium is keen to make the mobility of its 2, employees greener. EY presents its first Climate Risk Disclosure Barometer underlining that companies need to understand the risks and even the opportunities associated with the impacts of climate change. In too, Belgium remained an attractive country for foreign investors, according to the EY Belgian Attractiveness Survey. Despite initially riding momentum carried from Q4 , hopes for an IPO window of opportunity and rebound in the first half of were cut short by the global impact of COVID Visit the newsroom.
EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. For more information about our organization, please visit ey. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice.
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We're asking BetterQuestions. How are your climate change disclosures revealing the true risks and opportunities of your business? Read more. Do you have the financial firepower to fund your future growth? Why external auditors should rely on digital audits and sector knowledge Read more. How scenario planning can create clarity in the midst of uncertainty Read more. Are you reframing your future or is the future reframing you? Why a hard Brexit appears to be inevitable Read more. Lead through the COVID crisis We have a clear view of the critical questions and new answers required for effective business continuity and resilience.
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The better the world works. Take, for example, the challenges around digital transformation. Related article. The technology enabled everyone to collaborate live on a canvas that everybody could see whether they were sitting at home, in Hong Kong, the US or London.
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